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Mindtree hits 52-week low on weak Q2 earnings

SI Reporter / Mumbai 24 Oct 16 | 10:45 AM

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

Mindtree touched a 52-week low of Rs 452, down 6% on BSE in intra-day trade, after the company’s consolidated net profit declined 23% to Rs 95 crore for the quarter ended September 2016 (Q2FY17) on sequentially.

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The IT consulting & software company had profit of Rs 123 crore in June 2016 quarter and Rs 151 crore in September 2015 quarter.

Income from operations decreased 2.5% to Rs 1,295 crore in Q2FY17 from Rs 1,328 crore in Q1FY17.

Analysts on an average had expected profit of Rs 114 crore on revenues of Rs 1,328 crore for the quarter.

EBITDA (earnings before interest, taxes, depreciation, and amortization) margin declined to 12.5% from 14.7% in previous quarter. It was 18.8% in year ago quarter.

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

“However, we are encouraged by our new wins and strong pipeline. With our investments in digital and managed services, our strategic direction will continue to drive positive outcomes in the medium term," added Ravanan.

At 10:41 am, the stock was down 4.5% at Rs 457, as compared to 0.22% rise in S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 1.62 million shares changed hands on the NSE and BSE so far.

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