Not surprisingly, Mindtree is the top loser on the BSE since the opening bell. The market had as such expected a poor show but the actual numbers were further disappointing.

The midcap IT company posted a sharp 7% (QoQ) drop in net profit at Rs.123 crore and growth is revenue was flat at Rs.1328 crore v/s Rs.1320 crore in Q4. Dollar terms, revenue was up 2% at $199 million but net profit fell 6% at $ 18.5 million.

Disappointing was the 12% drop in operating profit at Rs.195 crore and its margins fell 200 bps to 14.7%.

The stock today hit a new 52-week low at Rs.572 and continues to remain firmly in the red.