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Mindtree stock drops after Q1FY19 PAT falls

Shares of Mindtree dropped over 7% after the IT company reported mixed set of numbers for Q1FY19. PAT declined by 13.2% qoq to Rs158cr, which is in line with consensus estimate of Rs158cr.

The company’s revenue in Indian rupee terms grew by 12.0% qoq to Rs1,640cr, which is higher than consensus estimate of Rs1,565cr. Revenue in USD terms came in at USD241.5mn, up 6.8% qoq.

Mindtree Ltd is currently trading at Rs982.50 down by Rs80.05 or 7.53% from its previous closing of Rs1,062.55 on the BSE.

The scrip opened at Rs1,058 and has touched a high and low of Rs1,058 and Rs971.05 respectively. So far 27,74,354 (NSE+BSE) shares were traded on the counter.

Mindtree is a midsized IT services company offering major services like application development and maintenance, infrastructure management and independent testing amongst others.

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