Thursday 14 November 2019
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business-standard - 28 days ago

Mindtree Jul-Sep net profit down 34.6 pc at Rs 135 cr

IT firm Mindtree on Wednesday reported a 34.6 per cent decline in consolidated net profit to Rs 135 crore for the September quarter, and said it sees a strong deal pipeline in second half of the current fiscal. The company had posted a net profit of Rs 206.3 crore in the same period last year. The Bengaluru-based company saw its revenue grow 9.1 per cent to Rs 1,914.3 crore in the quarter under review from Rs 1,755.4 crore in the year-ago period. Mindtree Chief Financial Officer Pradip Menon said net profit had declined on account of two factors - foreign exchange impact and increase in employee salaries. ...as the growth momentum picks up and the costs stabilise, we will see improvement in margins in the second half, he said on a conference call. In July this year, Larsen and Toubro (L T) had acquired control of Mindtree with over 60 per cent share and was categorised as a promoter. The four co-founders -- Subroto Bagchi, NS Parthasarathy, Krishnakumar Natarajan and Rostow ...


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