Mindtree net profit up 8.9% in quarter 4 at 198.4 crore

Bengaluru: Leading IT consulting and services firm Mindtree on Wednesday reported Rs 198.4 crore net profit for the fourth quarter of fiscal 2018-19, registering 8.9 per cent growth yearly and 3.8 per cent quarterly. In a regulatory filing on the BSE, the city-based technology firm said revenue for the quarter under review was Rs 1,838.4 crore, up 25.4 per cent yearly and 2.9 per cent quarterly. In dollar terms, net income is up 5 per cent yearly but flat (0.3 per cent) quarterly to $28.2 million while gross revenue grew 15.8 per cent yearly and 4.2 per cent quarterly to $262 million for the quarter under the International Financial Reporting Standards (IFRS).

The company’s board declared 30 per cent (Rs 3 per share) interim dividend, 40 per cent (Rs 4 per share) and 200 per cent (Rs 20 per share of Rs 10 face value) special dividend to its shareholders for fiscal 2018-19. “We have delivered for both the quarter and fiscal exceptionally well to post $1 billion (Rs 7,022 crore) for the year under review (2018-19),” Mindtree Chief Executive Rostow Ravanan said in a statement. The company added two clients in the $10 million billing rate, one in the $5 million rate and four in $1 million rate, taking their total to 349 at the end of the quarter and the fiscal.

The company has 20,204 techies at quarter-end and year-end despite 14.2 per cent annual attrition. “Over the last two decades, our strategy of being expertise-led helped us attract talented people and create customer successes,” Ravanan said.

“Our ability to grow faster than the sector is a reflection of the investments we have made to align with technology trends disrupting the IT industry,” he added. The company’s blue-chip scrip, however, lost Rs 5.90 per share at the end of trading on the BSE to close at Rs 972.15 from Tuesday’s closing rate of Rs 785.05 and opening price of Rs 982 per share. (IANS)

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