IT services firm Mindtree has posted an 8.13% rise in consolidated net profit of 473.1 crore for the fourth quarter ended March 31, compared with437.5 crore recorded in the sequential third-quarter. The fourth quarter net profit was almost in line with analysts’ expectations. A consensus estimate of Bloomberg analysts was expecting the firm to post a net profit of 448.1 crore for the reporting quarter. The group company of construction major Larsen & Toubro (L&T) had posted a net profit of317.3 crore for the same quarter a year ago.
During the reporting quarter, the company’s revenue rose to 2,897.4 crore, against2,750 crore posted in the third quarter and 2,109.3 crore recorded in the year-ago period, it said in a statement. “Our industry-leading growth through a year of rapid business and technology shifts demonstrates the relevance of our value proposition in reimagining businesses and driving digital transformation at scale," said Debashis Chatterjee, chief executive officer and managing director at Mindtree said. “Our sequential revenue growth of 5.2% in constant currency made this our fifth consecutive quarter of 5%-plus growth in constant currency. Our full year revenue growth of 31.1% validates our strategy to capitalise on rising demand by diversifying our services portfolio, mining customers and broadening industry partnerships,” he added.
For the full-year ended March 31, the mid-tier IT company posted a consolidated net profit of1,652.9 crore, up 48.84% from Rs 1,110.5 crore recorded during the year-ago period.
