MindTree Q3 Net Down 23% - The New Indian Express

MindTree Q3 Net Down 23%

Published: 17th January 2014 06:00 AM

Last Updated: 17th January 2014 01:59 AM

IT services firm MindTree on Thursday reported a fall in third quarter profit by 23% as compared to the same period last year. Net profit for the third quarter stood at $14.2 million which is a 31.5% decline from the previous quarter. Healthy spending by clients led to revenues for MindTree growing by 2.5% Q-o-Q.

“We are seeing good business momentum and traction with our clients. A strong deal pipeline and ability to attract and retain talent demonstrate our

confidence for a promising future," said Krishnakumar Natarajan, CEO and MD MindTree. The Board of Directors of the company recommended a second interim dividend of 50% which is `5 per equity share of par value of ` 10 each for the third quarter.

This will be paid to registered shareholders on or before, February 5, the company said in a statement filed with the BSE.

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