Midcap IT firm Mindtree's fourth quarter earnings barring bottomline beat analysts' expectations on Thursday. Profit on consolidated basis grew fell 5.8 percent sequentially to Rs 97.2 crore, dragged by forex loss of Rs 22.8 crore (against gain of Rs 3.2 crore in Q3FY17).
Rupee revenue as well as dollar revenue increased 1.8 percent each to Rs 1,318.1 crore and USD 195.6 million compared with previous quarter. Constant currency dollar revenue growth was 2 percent QoQ.
According to average of estimates of analysts polled by CNBC-TV18, profit was expected at Rs 105 crore while revenue was estimated at Rs 1,296 crore and dollar revenue at USD 193.3 million for the quarter.
Operating profit increased 7.4 percent quarter-on-quarter to Rs 187 crore and margin expanded by 78 basis points to 14.18 percent in the quarter gone by, which were estimated at Rs 173 crore and 13.35 percent, respectively.
Mindtree said it has 328 active clients as of March 2017 and its clients in USD 1 million category grew by 5 for a total of 111.
For the financial year 2016-17, profit fell 24.2 percent to Rs 418.6 crore while revenue increased 12.1 percent to Rs 5,236.4 crore. Dollar revenue grew by 9.4 percent at USD 779.8 million and 11.2 percent in constant currency.
Mindtree said quarterly annualised attrition rate was at 13.2 percent, which was the best since 2014.The stock price of Mindtree that announced earnings after market hours closed at Rs 442.25, down 0.17 percent on the BSE.