MindTree Limited has dipped over 5% at Rs 641 after reporting 18.9% quarter-on-quarter (qoq) decline in net profit at Rs 72 crore for the second quarter ended September 2012 due to forex loss. Analysts on an average had expected it at Rs 66 crore.
The mid-cap information technology company has reported a foreign exchange loss of Rs 41.5 crore in the quarter as against gain of Rs 8.1 crore in previous quarter. Net revenues however, grew 5.9% at Rs 596 crore on sequential basis.
Meanwhile, the board has recommended an interim dividend of 30% or Rs 3/- per equity share of Rs 10 each for the fiscal year 2013.
The stock opened at Rs 678 and hit a low of Rs 634 on the NSE. A combined 303,618 shares have changed hands on the counter in morning trades on both the exchanges.
