ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Web Stories
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • IPL 2023
    • Karnataka Elections 2023
    • Viral
    • Education
    • Jobs
Read in App
Business News » Companies News

Mindtree Q3 net profit slips 26.7% to Rs 103 crore

The Bengaluru-based firm had posted a net profit of Rs 140.7 crore in the year-ago period.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Mindtree Q3 net profit slips 26.7% to Rs 103 crore
Its revenues, grew 7.1% to Rs 1,295.3 crore in the quarter under review. Photo: Official Website

Mid-sized IT firm Mindtree's net profit for the December quarter tumbled 26.7% to Rs 103.1 crore, impacted by currency movement, seasonality of business and lower profitability from its Bluefin and Magnet 360 business.

The Bengaluru-based firm had posted a net profit of Rs 140.7 crore in the year-ago period. Its revenues, however, grew 7.1% to Rs 1,295.3 crore in the quarter under review from Rs 1,209.5 crore in October-December, 2015 period.

"Small part of it (fall in net profit) is because of currency movement ... Second is during the course of the year, we had two businesses that we acquired -- Magnet 360 in the US and Bluefin in Europe. Mostly because of the nature of their businesses, they operated at a lower profotability...Also, there was slower revenue growth (on account of seasonality)," Mindtree CEO and MD Rostow Ravanan said on a concall.

He added that the company saw strong deal pipeline during the December quarter, which was giving it confidence of registering "best growth in the industry this year as well".

"Strong deal closures (of USD 314 million) in this quarter are testimony to our expertise-led transformation capabilities. We continue to be seen as a primary partner for both the 'run the business' and 'change the business' technology initiatives of our clients," Ravanan said.

These competencies and the company's distinctive culture keep it well positioned to succeed in the "current dynamic environment," he added.

In dollar terms, Mindtree's net profit fell 28.3% to $15.3 million in the reported quarter, while revenue was up 4.7% to $192.2 million from the year-ago period.
Mindtree had a total headcount of 16,099 people with trailing 12 month attrition at 16.1%. The headcount is, however, lower than the September quarter when the company had 16,219 employees.

Mindtree's board has recommended an interim dividend of 20% or Rs 2 per equity share having face value of Rs 10 each for the quarter ended December 31, 2016. Also, it has approved the extension of Krishnakumar Natarajan's tenure as Executive Chairman till June 30, 2020.

Retail, CPG and manufacturing accounted for Rs 311.6 crore in revenue during the reported quarter, Rs 312.2 crore from Banking, financial services and insurance, Rs 475.7 crore from technology, media and services segment and Rs 195.8 crore from travel and hospitality sector.

It had 348 active clients as of December 31, 2016. The company added its first client in the USD 100 million category, while it added one client in the over USD 10 million category. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
MindtreeMindtree Q3 net profitMindtree Q3 resultsMindtree share priceMindtree Q3 revenuesMindtree results vs Infosys resultsIT
Written By: PTI
Updated: Fri, Jan 20, 2017
08:24 am
New Delhi, PTI
RELATED NEWS
Stocks in focus: Ajanta Pharma, Welspun, Lupin, Mindtree, other stocks worth tracking today Stocks in focus: Ajanta Pharma, Welspun, Lupin, Mindtree, other stocks worth tracking today
LTI-Mindtree Merger news: How many stocks existing Mindtree shareholders will get and how it will impact company's employees? LTI-Mindtree Merger news: How many stocks existing Mindtree shareholders will get and how it will impact company's employees?
Mindtree-Larsen & Toubro Infotech Merger: LTIMindtree - 90k employees, Rs 1.53 lakh cr m-cap, 5th largest IT firm and more - TOP THINGS Mindtree-Larsen & Toubro Infotech Merger: LTIMindtree - 90k employees, Rs 1.53 lakh cr m-cap, 5th largest IT firm and more - TOP THINGS
Mindtree share price zooms 4% on strong second quarter results, dividend announcement Mindtree share price zooms 4% on strong second quarter results, dividend announcement
 Mindtree CEO Debashis Chatterjee speaks on geopolitical developments affecting business Mindtree CEO Debashis Chatterjee speaks on geopolitical developments affecting business

LATEST NEWS

Apple's classical music app now available on Android - Details

WTC 2023 Final IND vs AUS: Check date, time, venue, squad, Tickets, Live streaming details of India vs Australia

SBI shares trade ex-dividend today | Watch video

Nifty will become Sensex in 10 years! Take a look at how analysts interpret India's GDP print

Anil Singhvi strategy May 31: Important levels to track in Nifty, Nifty Bank today

Renault sales in India: Crosses milestone of 9 lakh units

Coronavirus today: India records 310 new COVID-19 cases, 3 deaths

Uttarakhand: Orange alert issued following continuous rainfall in Uttarkashi

Olympic sports leaders meet amid uncertainty over Russians competing at 2024 Paris Games Lausanne

LinkedIn scams via fake job offers, phishing on the rise - Here's how to avoid online job scams

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. Indiadotcom Digital Private Limited. All Rights Reserved.
LIVE TV