Mindtree falls 7% as Q3 net profit misses estimates

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Moneycontrol Bureau

Shares of Mindtree slides 7 percent intraday on Friday after it announced December quarter earnings.The Bangalore-based IT services exporter missed street expectations on the profit front while the rest of earnings (revenues and operational performance) were in-line.

Net profit fell 31 percent sequentially to Rs 88.5 crore in the quarter ended December 2013 as it reported forex loss of Rs 27.2 crore as against forex gain of Rs 20 crore.

The forex loss was higher than analysts' forecast of USD 3 million.

According to CNBC-TV18 poll, analysts on an average had expected net profit of Rs 95.5 crore on revenues of Rs 790 crore for the quarter.

Revenues grew 2.7 percent quarter-on-quarter to Rs 790.6 crore while dollar revenues increased 2.7 percent to USD 127.1 million in the quarter gone by, which was lower compared to peer HCL Technologies (4 percent) and higher compared to Infosys (1.6 percent).

Net income in dollar terms declined 31.5 percent to USD 14.2 million on sequential basis.

At 10:36 hrs, the stock was quoting at Rs 1,409.00, down Rs 86.85, or 5.81 percent on the BSE.