Mindtree plunges 5% on poor revenue guidance

Shares of the Mindtree Ltd plunged 5% on Wednesday after the company announced that it has lowered its revenue growth guidance to below 11% for the current financial year on increased pressure.

The shares of the company was trading lower by 4.26% at Rs 647 on BSE at 12.25 pm IST. It touched an intra-day low of Rs 635.

Mindtree on Tuesday reported a 19% drop in net profit for the second quarter ended September 30, 2012, at Rs 72.2 crore against Rs 89 crore in the previous quarter.

The company's revenues in rupee terms rose by 5.9% to Rs 596.3 crore and dollar revenue increased 1.7% to USD 107.3 million during the same period, both meeting the expectation.

Earnings before interest, tax, depreciation and amortisation (EBITDA) was up 12.35% QoQ to Rs 131.9 crore.

The company announced the interim dividend Rs 3 equity share of par value Rs 10 each.

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