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Mindtree shares close 4.5% lower after Q1 earnings

LiveMint logoLiveMint 20-07-2017 PTI

New Delhi: Shares of IT firm Mindtree on Thursday ended 4.5% lower after the company reported a 1.5% drop in consolidated net profit for the June quarter.

The stock settled at Rs484.20, down 4.45% on BSE. During the day, it declined 4.68% to Rs 483. At NSE, shares of the company lost 4.41% to close at Rs484.30. The company’s market valuation fell by Rs 378.49 crore to Rs 8,140.51 crore.

On the volume front, 1.29 lakh shares of the company were traded on BSE and over 21 lakh shares changed hands at NSE during the day.

Mindtree yesterday reported a 1.5% decline in consolidated net profit to Rs 121.7 crore for April-June period, impacted by currency volatility, visa costs and one- time impact on business of its subsidiaries.

The “temporary volatility” in the subsidiaries’ businesses has prompted Mindtree to slash its revenue growth outlook to “high single-digit” from the earlier projection of double-digit rise in top line.

Total income increased marginally to Rs 1,354.9 crore in the June quarter, from Rs1,347.4 crore in the year-ago period.

In dollar terms, Mindtree’s net profit grew 2% to $18.9 million in the said quarter, while revenue increased marginally to $ 200.1 million from the year-ago period.

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