Mindtree Q2 net profit dips 23.2%

By: | Updated: October 24, 2016 4:59 PM

Bengaluru-based software exporter Mindtree on Friday reported a decline of 23.2% in net profit at R94.8 crore for the second quarter ended September compared to the June quarter.

“The volatile macroeconomic environment has resulted in slower ramp-ups and cautious spending in a few large clients across our verticals,” Rostow Ravanan, CEO & MD, Mindtree said. (Image Source: Website)“The volatile macroeconomic environment has resulted in slower ramp-ups and cautious spending in a few large clients across our verticals,” Rostow Ravanan, CEO & MD, Mindtree said. (Image Source: Website)

Bengaluru-based software exporter Mindtree on Friday reported a decline of 23.2% in net profit at R94.8 crore for the second quarter ended September compared to the June quarter. On a year-on-year basis, the net profit has gone down 37.1%, the company said in a statement.
The revenue of the company has declined 2.4% to R1,295.4 crore for the second quarter as compared to first quarter of this year. It has, however, grown by 11.1% on a year-on-year basis.

“The volatile macroeconomic environment has resulted in slower ramp-ups and cautious spending in a few large clients across our verticals,” Rostow Ravanan, CEO & MD, Mindtree said.

During the second quarter, the company has added a new client with $25 million order and nine new clients with a $1 million order.

The board of directors of the company has recommended an interim dividend of 30% (R3 per equity share of par value of R10 each).

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