Mind tree down by more than 6%. Poor guidance by Company. All IT in bad shape. Is it a contra buy or wait some more time?
-- Mindtree today provided an update on its financial expectations for the quarter ending Sep 30, 2016 (Q2 FY17). The company expects Q2 FY17 revenue to be lower than the previous quarter. The decline is expected due to cross-currency movements, project cancellations and slower ramp-ups in a few large clients across different verticals and continued weakness in its UK-based subsidiary Bluefin. Margins are going to be lower than planned with a decline in EBITDA margins in Q2 FY17 compared to Q1 FY17. In light of its weak revenue outlook, the Bluefin business is expected to report an EBITDA loss for the quarter. Mindtree has implemented a range of operational efficiency improvements and cost control measures. The savings derived from these initiatives may not be sufficient to offset the revenue slowdown in Q2 FY17.
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