MindTree suffers 20% fall in quarterly net profit
Software firm MindTree Ltd suffered a quarter-on-quarter decline of 20.1 per cent in net profit in the quarter ended March 31, mainly due to a foreign exchange loss of Rs 15.3 crore.
On Monday, MindTree announced that its net profit slipped to Rs 78.9 crore in the January-March quarter, from Rs 98.8 crore in the October-December quarter. The net profit figure is, however, still higher than analysts' average projection of Rs 78.2 crore.
Earnings from operations stood at Rs 612 crore in the final quarter of the past fiscal, marginally up from the Rs 590 crore posted in the previous quarter. The topline, however, was up 16.5% on year.
In dollar terms, the Bangalore-based company's net profit slipped 20.8 per cent quarter-on-quarter to $14.6 million, while revenue jumped 2.9 per cent to $113.0 million.
On a year-on-year basis, net profit jumped 14 per cent.
The software services provider has announced an interim dividend of Rs 4 per share.
The company expects its profit margins to drop again in April-June quarter, mainly due to fresh hiring of graduates and filing of visas for its employees. The company has plans to intake as many as 1,700 fresh college graduates this fiscal. But, the company is optimistic that FY14 would be better than FY13.