Mindtree Q3 net profit falls 26.7% to Rs 103 crore

 Mindtree, a mid-sized IT services firm, on Thursday posted a 26.7% decline in consolidated net profit at Rs 103.1 crore for the quarter ended December 31, 2016.

According to a regulatory filing, the Bengaluru-based firm stated that the net profit stood at Rs 140.7 crore in the year-ago period. The company’s revenues grew 7.1% to Rs 1,295.3 crore in the quarter under review, from Rs 1,209.5 crore in the October-December, 2015 period.

“Strong deal closures in this quarter are testimony to our expertise-led transformation capabilities. We continue to be seen as a primary partner for both the ‘run the business’ and ‘change the business’ technology initiatives of our clients,” Mindtree Chief Executive Officer and Managing Director Rostow Ravanan said in a statement.

These competencies and the company's distinctive culture keep it well positioned to succeed in the "current dynamic environment," he added.

In dollar terms, Mindtree's net profit fell 28.3 per cent to USD 15.3 million in the reported quarter, while revenue was up 4.7 per cent to USD 192.2 million from the year-ago period.

Mindtree had a total headcount of 16,099 people with trailing 12 month attrition at 16.1 per cent.

The company's board has recommended an interim dividend of 20 per cent or Rs 2 per equity share having face value of Rs 10 each for the quarter ended December 31, 2016.

Also, it has approved the extension of Krishnakumar Natarajan's tenure as Executive Chairman till June 30, 2020.

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