Mindtree Q4 net profit jumps 54 per cent, firm eyes double-digit growth in FY2021-22

NEW DELHI:  IT major Mindtree on Friday  disclosed its fourth quarter financial results to show that its consolidated net profit for the period rose a sharp 53.9 per cent to Rs 317.3 crore on the back of strong operational efficiency. The management also expressed confidence that it would clock double-digit growth in the current financial year.

The Bengaluru-based company's net profit had come in at Rs 206.2 crore in the corresponding quarter of the previous fiscal year. Meanwhile, its revenue grew 2.9 per cent to Rs 2,109.3 crore from Rs 2,050.5 crore a year ago.

In dollar terms, net profit was up 53.4 per cent at USD 43.3 million and revenue by 3.5 per cent at USD 288.2 million during the period. "With our sustained growth momentum, we are confident about our opportunities ahead, and the outlook for FY22. Clients appreciate the value that we create and recognise our ability to deliver transformational engagements. Our pipeline continues to be robust with a good mix of annuity deals," Mindtree CEO and MD Debashis Chatterjee said.

He added that Mindtree continues to cross-sell and upsell within and across its client base, growing its order book 20 per cent q-o-q to USD 375 million. "Being mindful of the uncertainty introduced by the pandemic, we are geared up to respond to the increased opportunities and business traction. It is our endeavour to deliver double digit growth in FY22, while sustaining EBIDTA at 20 per cent-plus levels," Chatterjee added. 

Board decides on final dividend of 175 per cent

Mindtree Board has recommended a final dividend of 175 per cent, or Rs 17.50 per equity share for the financial year ended March 31, 2021. The final dividend is subject to the approval of shareholders at the 22nd Annual General Meeting. Shares of Mindtree closed marginally up in the stock markets at Rs 2,067.60 per equity share