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.