MindTree, the mid-tier IT services firm, has reported a 8.6% decline in net profit to Rs 129 crore on a sequential basis for the fourth quarter of FY15 impacted largely by the foreign currency movements. The revenue for Q4 stood at R918 crore, recording a flattish growth owing to certain softness in the overall demand environment. In US dollar terms, the revenue growth remained flat while the net profit declined by 9.2%.
However, Mindtree remained upbeat about FY16 expressing confidence of beating the Nasscom’s industry growth guidance of 12-14%. Krishnakumar Natarajan, CEO & MD, MindTree, said, “We expect to beat the Nasscom guidance as the first quarter of FY16 has got off to a good start with revenue momentum coming back.”
For the full year of FY15, MindTree reported a revenue of R3,562 crore with a growth of 17.5% and a net profit of R536 crore, registering a rise of 19%. In US dollar terms, the revenue grew by 16.4% while the net profit rose by 17.9%.
MindTree has declared a final dividend of R10 per share. The operating profit margin declined by 1% at the end of Q4FY15 to touch 19.5%, which was largely due to pricing pressure and forex movements. MindTree does not expect any significant upward movement in margins due to pricing pressure and capex during the year.
For Updates Check Company News; follow us on Facebook and Twitter