Mindtree net up 31 percent in Q4

Leading IT consulting and services firm Mindtree has posted a Rs.129 crore profit for the fourth quarter (January-March) of just-concluded fiscal 2014-15, registering 31 percent year-on-year (YoY) growth.

Sequentially, however, net profit is 8.6 percent lower than in third quarter.

In a regulatory filing to the stock exchanges on Thursday, the city-based software major said revenue for quarter under review (Q4) grew 11.5 percent YoY to Rs.918 crore, which is flat sequentially from third quarter.

Under the International Financial Reporting Standards (IFRS), net income for Q4 is up 30.5 percent YoY to $20.7 million but 9.2 percent down sequentially, while revenue at $147.8 million is up 11 percent YoY and flat sequentially.

For the entire fiscal (FY 2015), net profit grew 19 percent YoY to Rs.536 crore and revenue by 17.5 percent YoY to Rs.3,562 crore, as per the Indian accounting system.

Under the IFRS, net income grew 17.9 percent YoY to $87.9 million and gross income by 16.4 per cent YoY to $584 million.

"We have delivered industry leading performance with 16.4 percent revenue growth for the fiscal under review. The results validate our decision to transform the company into a valued, digital partner for our clients," Mindtree chief executive Krishnakumar Natarajan said in a statement later.

The company had 217 active clients, with 14 $10-million (billion) clients and 28 $5 million clients during the fiscal.

"Our expertise in agile, analytics, cloud and Internet of Things (IoT) is making impact. What makes us happy is our customer satisfaction levels are at a record three-year high," Natarajan asserted.

With addition of 1,517 people in fourth quarter, the total number of employees went up to 14, 202 by March-end, as attrition rate climbed to 18.2 percent.

The company's board of directors recommended 100 percent final dividend on its equity share of Rs.10 par value for the fiscal.