1. Mindtree net profit falls 27%

Mindtree net profit falls 27%

Mindtree, the Bengaluru headquartered IT services company has reported a 27% decline year-on-year in consolidated net profit for the third quarter of the current fiscal impacted by slower business momentum and currency movements.

By: | Bengaluru | Published: January 20, 2017 5:59 AM
mindtree results Mindtree for the third quarter of FY17 reported a net profit of R103 crore as compared to R141 crore in the same period of the last fiscal. (Website)

Mindtree, the Bengaluru headquartered IT services company has reported a 27% decline year-on-year in consolidated net profit for the third quarter of the current fiscal impacted by slower business momentum and currency movements.

Mindtree for the third quarter of FY17 reported a net profit of R103 crore as compared to R141 crore in the same period of the last fiscal. The net profit was also impacted by the lower margins of the two companies acquired by Mindtree recently in US and Europe.

The revenue for the third quarter of the fiscal was R1,295 crore recording a year-on-year (YoY) growth of 7.1%. In US dollar terms, the quarterly revenue of Mindtree touched $192.2 million which was a growth of 4.7% on a YoY basis while the net profit declined by 28.3% to reach $15.3 million. Mindtree had 348 active clients at the end of the third quarter.

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