Mindtree Q2 quarterly net profit dips 18.9% on forex loss
In February, the firm had forecast better revenue growth than Nasscom’s industry prediction of 11-14%. Last quarter, it scaled down that projection saying it will be in-line with the IT trade body’s estimates for FY13. Now, it has admitted that it may not able to meet the Nasscom numbers.
“Uncertainty in the global economic environment is posing short-term challenges, delaying customer decisions,” said Krishnakumar Natarajan, CEO and MD, Mindtree. The board announced an interim dividend of 30% or R3 per equity share.
During the July-September period, Mindtree recorded a profit of R72.2 crore from R89.0 crore in the preceding April-June quarter. Profit was up 33% from R54.3 crore in the corresponding quarter last year. Revenue during the quarter was up 5.9% sequentially to R596.3 crore while y-o-y it was up 30.6%. Mindtree nominated NS Parthasarathy, president and COO, as an alternate director to S Janakiraman. It named Anjan Lahiri, president (IT services), as an additional director.
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