Millennium Post

Mindtree quarterly net slides by 37%

IT firm 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. He added that the company is, however, “encouraged” by its new wins and strong pipeline.
Next Story
Share it