1. Mindtree profit falls 27% at Rs 97 crore; rising rupee blamed

Mindtree profit falls 27% at Rs 97 crore; rising rupee blamed

Mindtree has reported a 27% decline in its net profit for the fourth quarter ended March, year-on-year, impacted largely by the rising rupee against the US dollar.

By: | Bengaluru | Published: April 21, 2017 7:10 AM
During the last fiscal the company saw contract closures of 6 million which includes both new deals and renewals. (Reuters)

Mindtree has reported a 27% decline in its net profit for the fourth quarter ended March, year-on-year, impacted largely by the rising rupee against the US dollar. The company’s net profit for the period stood at Rs 97.20 crore as against Rs 132.7 crore in the year-ago period. The total revenue of Mindtree for the January-March quarter also recorded flattish growth and stood at Rs 1,318.1 crore. For the full year ended March 31, 2017, the revenue of the company stood at Rs 5,236.4 crore registering a growth of 12.1%, while the net profit stood at Rs 418.6 crore reporting a decline of 24.2%. The Bengaluru-based company also said that in the current year it expects a double digit growth in revenue due to good deal closure. During the last fiscal the company saw contract closures of $926 million which includes both new deals and renewals.

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“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. In the current quarter digital has contributed about 40% of the company’s total revenue,” said Rostow Ravanan Mindtree CEO and managing director. As of March 31, 2017, Mindtree had 328 active clients and the total headcount stood at 16,470 people. The trailing 12 months attrition was 15.1% as of March 31, 2017.

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