Bengaluru-based IT firm Mindtree on Wednesday reported 41% decline in consolidated net profit at ₹92.7 crore for the quarter ended June 30, 2019. The consensus forecast for the June quarter's consolidated net profit was ₹175 crore. However, the firm, which recently underwent a hostile takeover by L&T, witnessed 12% increase in consolidated revenue from operations at ₹1,834 crore as against ₹1,640 crore in June 2018. Mindtree said L&T's shareholding on 30 June was 28.86%, which subsequently increased to 60.59% and that L&T has now become Mindtree's 'promoter/ultimate parent' firm. “We have delivered stable results in the face of many uncertainties, reflecting the unique strengths of Mindtree", said “Rostow Ravanan, CEO & Managing Director, Mindtree.

Source: Mint July 17, 2019 12:33 UTC