Mindtree Shares Tank Over 5 Per cent After Q4 Earnings

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    Mumbai, Apr 17 (PTI) Stocks of software services firm Mindtree today slumped over 5 per cent in an overall weak stock market after the company's quarterly earnings failed to enthuse investors.

    Mindtree's scrip tumbled 5.12 per cent to Rs 1,320 per scrip on the BSE. At the NSE, the stock plunged 5.13 per cent to Rs 1,320.

    Mindtree Shares Tank Over 5 Per cent After Q4 Earnings
    MindTree: Quotes, News
    BSE 1037.05BSE Quote30.5 (2.94%)
    NSE 1039.85NSE Quote30.1 (2.89%)

    "The company's Q4 FY15 results were below estimate, while its revenues were in-line with our estimate," brokerage firm Motilal Oswal Securities said in a report.

    Mid-sized software services firm Mindtree yesterday reported a 31 per cent growth in consolidated net profit at Rs 128.7 crore for the quarter ended March 31, driven by expansion in business across all platforms.

    The firm had posted a net profit of Rs 98.2 crore in the year-ago period, it had said in a statement.

    Consolidated revenue rose by 11.5 per cent to Rs 918.1 crore in the March quarter from Rs 823.7 crore a year ago.

    In terms of US dollars, net profit rose 30.5 per cent to USD 20.7 million while revenue jumped 11 per cent to USD 147.8 million.

    However, on a quarter-on-quarter basis, its net profit declined 8.6 per cent from Rs 140.8 crore in the December quarter.

    Revenue was up marginally from Rs 911.7 crore during the same period.

    For 2015-16, Mindtree said it expects revenue growth to be in the range of 12-14 per cent, below Nasscom's estimate of 13-15 per cent for the current fiscal year.

    Meanwhile, in the broader market the benchmark BSE Sensex was trading lower by 59.75 points at 28,606.29 at 1110 hrs.

    PTI

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