MindTree net profit dips by 26% to Rs 103 cr on poor global business

Magnet360 in US and Bluefin in Europe operated at a margin much lower than MindTree's organic margin

Mid-tier IT services company MindTree saw profits drop by 26 per cent to Rs 103 crore due to poor performance of its US and Europe subsidiaries, while revenue grew 7 per cent to Rs 1,295 crore on the back of strong deal wins.

The Bengaluru-based company posted profits of Rs 140 crore on a revenue of Rs 1,209 crore in the October to December period last year.

"The year-on-year decline in net profit can be contributed partly to currency fluctuations and partly to poor performance of our international business. The companies that we acquired — Magnet360 in the US and Bluefin in