Mindtree Q1 net dips 3.7%; sees growth return in Q3

Mindtree Q1 net dips 3.7%; sees growth return in Q3

Mindtree Q1 net dips 3.7%; sees growth return in Q3

Mid-size IT firm Mindtree posted a 3.7% drop in consolidated net profit at Rs 123.5 crore in the June quarter that witnessed “strong winds" in the form of slower project ramp-ups and loss from its Bluefin business.

The company’s net profit stood at Rs 128.3 crore in the April-June 2015 quarter. Its revenues grew 35.8% to Rs 1,327.6 crore in the quarter under review from Rs 977.5 crore in the year-ago period. “Overall Q1 was a soft quarter compared to our previous quarters.

There were delay in project ramp ups. There was strong competition in both traditional and digital businesses which led to a price compression...,” said Mindtree CEO and MD Rostow Ravanan on conference call.

Ravanan pointed out that while the global macroeconomic uncertainties pose short - term challenges, Mindtree remains confident that its investments are on the right track to accelerate growth for its clients and the company.

However, the Bengaluru-based company is confident of beating Nasscom revenue growth estimates of 10-12% for the 2017 fiscal.
 

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