Mindtree tumbles over 11% post September quarter result; brokerages mixed

Shares of Mindtree slumped as much as 11.43 per cent to Rs 1,264.25 apiece on the BSE on Friday as the company missed analysts’ estimates on the revenue front. Further, softening trends in top clients, too, weighed on the investor sentiment.

At 10:42 AM, the stock of the company was trading nearly 8 per cent lower at Rs 1315.15 on the BSE against Thursday’s close of Rs 1427.55. In comparison, the benchmark S&P BSE Sensex was quoting 206 points, or 0.52 per cent higher at 39,934 levels.

For the quarter under review, Mindtree posted a net profit of Rs 253.7 crore, up 87.9 per cent year-on-year (YoY) and 19.1 per cent sequentially. The firm’s revenues, however, remained flat at Rs 1,926 crore on a YoY basis and it witnessed a marginal 1 per cent gain sequentially.