Apr 22, 2013, 02.17 PM IST | Source: Moneycontrol.com

Mindtree Q4 net profit down 20% QoQ; shares slip

Mid-tier software services exporter Mindtree's fourth quarter net profit tumbled 20 percent quarter-on-quarter (up 14 percent year-on-year) to Rs 79 crore.

Moneycontrol Bureau

Mid-tier software services exporter Mindtree 's fourth quarter net profit tumbled 20 percent quarter-on-quarter (up 14 percent year-on-year) to Rs 79 crore.

Its revenue for the Jan-March quarter rose 4 percent sequentially (17 percent YoY) to Rs 612 crore. In Dollar terms, its revenue was up 3 percent QoQ (8 percent YoY) to USD 113 million.

The results were largely in-line with street expectations. Analysts on average had expected the Bangalore-based firm to report a net profit of Rs 77 crore on revenue of Rs 610 crore, according to a CNBC-TV18 poll. US Dollar revenue was seen at USD 113 million.

It had a foreign exchange loss of Rs 15 crore in Jan-March, compared with a gain of Rs 14 crore in Oct-Dec.

Mindtree added 974 employees on a gross basis in the fourth quarter and as of March 31, had 11,591 employees. It had 232 active customers as of March 31 and USD 20 million customers increased to 5 (added 1 customer in Q4).

New deal wins included managed services for application and infrastructure support for a large hotel chain and a multi-year agreement with an infrastructure services provider in one of the largest emerging market economies for cloud platform support

For the full year, Mindtree's net profit was up 55 percent to Rs 339 crore and revenue rose 23 percent to Rs 2,362 crore.

Mindtree shares were down near 2 percent at Rs 852.20 on NSE in morning trade.

Also Read: Wipro sinks as Q4 revenue growth, Q1 guidance disappoint

Nachiket Kelkar

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