Mindtree Net Profit Falls 27% In March Quarter

New Delhi: Software services firm Mindtree on Thursday posted a decline of 26.8 per cent in consolidated net profit at Rs 97.2 crore for the quarter ended March 31. The firm had posted a net profit of Rs 132.7 crore for the corresponding period a year ago, it said in a statement. Consolidated revenue fell marginally to Rs 1,318.1 crore in January-March from Rs 1,320.3 crore a year ago.

In dollar terms, net profit fell 25.9 per cent to $14.4 million, while revenue grew marginally to $195.6
million.

Constant currency growth stood at 2 per cent quarter-on-quarter.

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

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 per cent.

The company saw contract closures of $926 million during the last fiscal year.

"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," Mindtree CEO and managing director Rostow Ravanan said.

He added that the company has also seen a significant increase competing for large managed services opportunities.

The board of directors has recommended a final dividend of 30 per cent (Rs 3 per equity share) for the year ended March 31, 2017, subject to shareholder approval.