💠💠Mindtree Ltd, which was acquired by engineering giant Larsen and Toubro Ltd, reported 41% drop in its quarterly profit because of higher expenses.
Net profit fell to ₹92.7 crore in the quarter ended 30 June from ₹158.2 crore in the year earlier, the Bengaluru-based company told the exchanges on Wednesday. Profit plunged 53% from ₹198.4 crore in the preceding quarter.
The company’s total expenses rose to ₹1,730 crore in the April-June period from ₹1,451.3 crore in the corresponding period a year ago.
Revenue rose 11.9% to ₹1,834.2 crore in the June quarter from ₹1,639.5 crore in the year-ago period. However, on a sequential basis, it was lower than the ₹1,839.4 crore reported in the March quarter.