AM Naik named as non-exec chairman at Mindtree

The Board of Directors of the Company at their meeting held on July 17, 2019, have appointed Anilkumar Manibhai Naik as the Non-Executive Chairman of the Company with effect from July 18, 2019.

Jul 18, 2019 03:07 IST India Infoline News Service

MindTree
Mindtree said in the filing that it has appointed L&T chief AM Naik as non-executive chairman.

The Board of Directors of the Company at their meeting held on July 17, 2019, have appointed Anilkumar Manibhai Naik as the Non-Executive Chairman of the Company with effect from July 18, 2019. Subroto Bagchi, one of the key founding members of Mindtree, chose to retire from the board of the company with effect from July 17.

The company on Wednesday reported a decline of net profit by 41% at Rs92.7cr in Q1FY20 due to higher expenses from Rs158.2cr in the year earlier.

The company’s total expenses rose to Rs1,730cr in the April-June period from Rs1,451.3cr in the corresponding period a year ago.

In dollar terms, the IT posted a net profit of USD 13.4 mn in Q1, down 42.7% yoy, while revenue grew by 9.4% yoy to USD 264.2 mn. The company has reported constant currency growth of 10.3% on a yoy basis.

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