Mindtree shares tank nearly 6 pc on disappointing Q2 show

IT firm Mindtree's scrip declined by nearly 6 per cent today after the company reported a 37 per cent fall in consolidated net profit in the September quarter.

Shares of the company went down by 5.63 per cent to Rs 452.10, its 52-week low, on BSE.

At NSE, shares of the company fell by 5.73 per cent to hit its one-year low of Rs 451.55.

Mindtree reported a 37 per cent fall in consolidated net profit at Rs 94.8 crore in the September quarter, hurt by slower ramp-ups and cautious spending by some large clients across verticals.

The Bengaluru-based firm's net profit stood at Rs 150.8 crore in the July-September quarter last fiscal. Its revenue grew 11 per cent to Rs 1,295.4 crore in the quarter under review from Rs 1,165.7 crore in the year-ago period.
 

"The volatile macroeconomic environment has resulted in slower ramp-ups and cautious spending in a few large clients across our verticals," Mindtree CEO and MD Rostow Ravanan said on Friday.