Mindtree Q4 net falls 27% at Rs 97.2 crore

Mindtree Q4 net falls 27% at Rs 97.2 crore

 Bengaluru-based mid-sized software services company Mindtree on Thursday posted a decline of 26.8% in consolidated net profit at Rs 97.2 crore for the fourth quarter ended March 31.

The company posted a net profit of Rs 132.7 crore in the year-ago period. The consolidated revenue fell marginally to Rs 1,318.1 crore in the fourth quarter FY 2017 from Rs 1,320.3 crore in the same period last fiscal.

Commenting on the performance, Mindtree CEO and Managing Director Rostow Ravanan said the company has been becoming stronger in the market.

“This past year, Mindtree has continued to build on its historical strength as a leader in helping clients deploy digital technologies to spur business growth,” he said.

In dollar terms, net profit fell 25.9% to $14.4 million, while revenue grew marginally to $195.6 million. Constant currency growth stood at 2%  quarter- on-quarter.

For the fiscal year ended March 31, net profit declined 24.2%  to Rs 418.6 crore, while revenue was up 12.1% to Rs 5,236.4 crore against the previous fiscal.

The company had 328 active clients as of March 31. Its total headcount stood at 16,470 at the end of the said quarter. The trailing 12 months attrition stood at 15.1%.

The company saw contract closures of $926 million during the last fiscal. He added that the company has also seen a significant increase competing for large managed services opportunities.

The Board of Directors have recommended a final dividend of 30% (Rs 3 per equity share) for the year ended March 31, 2017, subject to shareholders’ approval.