Q1FY20 Results: MindTree net profit dips, stock hits 52w low

Mindtree reported consolidated revenue for the quarter came in at Rs. 18.34 crore as compared to Rs. 16.39 crore in Q1FY19, registering an increase of 11.9 per cent YoY, while down 0.3 per cent as compared to March quarter revenue of Rs. 18.39 crore.

The company’s EBITDA for the quarter dipped by 20.3 per cent YoY to Rs. 1.8 crore as compared to Rs. 2.3 crore in Q1FY19, and down by 34.3 per cent compared Rs. 2.8 crore in Q4FY19. The EBITDA margin for the quarter stood at 10.0 per cent YoY. The PAT for the quarter was Rs. 0.9 crore, a decrease of 41.4 per cent YoY compared to Rs. 1.5 crore in Q1FY19 and down by 53.3 per cent as compared to Rs. 1.9 crore in Q4FY19.

As on June 30, 2019, the company's employee count stood at 20,935 and the trailing 12-month attrition was at 15.1 per cent.

Mindtree is a global technology consulting and services company which was involved in a tough hostile takeover battle with L&T. After a share buyback program, L&T has now managed to become a promoter of the company with a 60.6 per cent stake.

Post its first quarter results for FY20, the share price of Mindtree tanked more than 10 per cent to hit its 52-week low of Rs. 675.05 per share in the early morning trade but soon recovered to hit an intraday high of Rs. 725.20. At 11:56 hours, the company’s stock was trading in red at Rs. 699.15 per share, down by 7.02 per cent from its previous close.