ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • 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
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » Companies News

Mindtree shares fall 7% as it expects lower revenue in Q2FY17

Apart from revenue, the company expects margins to decline with a dip in EBITDA margins in this quarter as against Q1FY17. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Mindtree shares fall 7% as it expects lower revenue in Q2FY17
It's consolidated net profit fell by 3.5% to Rs 123.5 crore in Q1FY17 as compared to Rs 128.3 crore in Q1FY16. Photo: Official website

Global IT consultancy firm, Mindtree shares plunged nearly 7% on Tuesday after the company lowered its financial expectations for the quarter ending on September 30.

At 1109 hours the shares of the company were trading at Rs 511 per piece, down 7.07% or Rs 38.90. 

On Friday, in a regulatory filing, the company said that now it expects Q2FY17 revenue to be lower than the previous quarter. 

"The decline is expected due to cross-currency movements, project cancellations and slower ramp-ups in a few large clients across different verticals and continued weakness in its UK-based subsidiary Bluefin", the company said.

Apart from revenue, the company expects margins to decline with a dip in EBITDA margins in this quarter as against Q1FY17. 

"Mindtree has implemented a range of operational efficiency improvements and cost control measures. The savings derived from these initiatives may not be sufficient to offset the revenue slowdown in Q2 FY17", the company added.

On the back of volatile macroeconomic environment in Europe, the Bluefin business will continue to face uncertainties for few more months, the company said. 

"Even with this change in outlook, the company continues to expect its annual revenue growth to be higher than the NASSCOM industry average."

On July 18, the company had announced its financial results for the quarter ended on June 30. It's consolidated net profit fell by 3.5% to Rs 123.5 crore in Q1FY17 as compared to Rs 128.3 crore in Q1FY16. 

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 share priceMindtree resultsIT
Written By: ZeeBiz WebTeam
Updated: Tue, Sep 06, 2016
11:35 am
Mumbai, ZeeBiz WebDesk
RELATED NEWS
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
Stocks to buy with Anil Singhvi: Sanjiv Bhasin picks IDFC ltd, Bosch; Check price target Stocks to buy with Anil Singhvi: Sanjiv Bhasin picks IDFC ltd, Bosch; Check price target

LATEST NEWS

ITC Dividend 2023: Check record date, ex-date and payment date | ITC Share Price NSE Target

Vani Jayaram songs list in Telugu, Malayalam and Kannada: Remembering veteran playback singer who sung over 10,000 songs

FM Sitharaman says India's image not impacted by Adani's FPO withdrawal amid Hindenburg row

Govt announces substantial hike in windfall tax on locally produced crude oil, diesel and ATF

World Cancer Day 2023: Why it is celebrated on February 4? Check history, misconception, theme and more

Gold Price Today (February 4): Yellow metal dips over Rs 2,500 from record high - Check rate in Delhi, Mumbai and other cities

BMC Budget 2023: Mumbai civic body increases its budget for 2023-24 by 15% to Rs 52,619 crore – know key highlights

Sidharth Malhotra and Kiara Advani wedding: Did Bollywood couple sell their marriage film rights to THIS streaming platform?

Market Next Week: Tata Steel, Hero Moto, M&M results, RBI policy meeting, macro data, global cues among top cues for D-Street

PIB Fact Check unearths truth behind this viral letter on PM Mudra loan scheme; have you also received any such post?

  • 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. India Dot Com Private Limited. All Rights Reserved.
LIVE TV