Mindtree Shares Tank 7% As Results Disappoint

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Shares in IT company Mindtree fell a huge 6.5 per cent, after its results disappointed the street. The stock was down 6.5 per cent, at Rs 574, also hitting a new 52-week low in the process.

Mindtree Shares Tank 7% As Results Disappoint
MindTree: Quotes, News
BSE 505.45BSE Quote4.2 (0.83%)
NSE 505.20NSE Quote4.55 (0.90%)
Revenues in dollar terms were placed at $199 million (growth of 2% q-o-q / 29% y-o-y). The net profits were placed at $18.5 million (decline of 5.8% q-o-q / 8.7% y-o-y). This was also a drop in dollars.

"The ongoing market transitions to everything-as-a-service, bundled managed services and digital transformation is right in our sweet spot." said Rostow Ravanan, CEO & Managing Director, Mindtree.

"While the global environment poses some short term challenges, we remain confident that our investments are on the right track to accelerate growth for our clients and Mindtree," the company said in a statement.

The company had 343 active clients as of June 30, 2016, while it added 1 client in the $10 million category. Most of the IT companies including biggies like TCS and Infosys have disappointed the street this quarter.

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