Mindtree, the midcap IT company, surpassed expectations on every parameter during January-March quarter with the net profit growing 11 percent sequentially to Rs 98.2 crore as against 4 percent growth expected by analysts.
Mindtree surpassed expectations on every parameter during January-March quarter with the net profit growing 11 percent sequentially to Rs 98.2 crore as against 4 percent growth expected by analysts. Higher growth in bottomline was despite forex loss of Rs 42.6 crore during the quarter as against Rs 27.2 crore in previous quarter.
Net revenue grew 4.2 percent quarter-on-quarter to Rs 823.7 crore and dollar revenue rose 4.5 percent to USD 132.8 million as against CNBC-TV18 estimates of Rs 810 crore and USD 131 million, respectively.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 15 percent to Rs 177 crore and margin expanded 200 basis points sequentially to 21.5 percent in the quarter gone by.
For the year ended March 2014, the software services provider reported profit at Rs 450.8 crore, up 32.9 percent compared to previous year. Profit in dollar terms rose 19.3 percent to USD 74.6 million.
"FY14 has been a momentus year for Mindtree. We crossed half a billion dollars in revenues, USD 100 million in operating profit and Rs 100 of earnings per share," Krishnakumar Natarajan, CEO and managing director said.
Revenue in FY14 grew 28.4 percent to Rs 3,031.6 crore and dollar revenue jumped 15.1 percent to USD 501.5 million.
On the occasion of 15th anniversary and the revenues crossing half a billion dollars, Mindtree has declared an issue of bonus shares in the ratio of one additional equity share for every share held.
The company also declared third interim dividend of Rs 5 per share, and final & special dividend of Rs 5 per share each for completion of 15 years in business.
"If the proposed 1:1 bonus share issue is approved by shareholders prior to the date of the 15th annual general meeting, the final & special dividend amounts would be accordingly reduced to 25 percent (Rs 2.5 per equity share of Rs 10 each)," the company said in its filing.
Mindtree said it has 207 active clients as of March 2014. "The USD 5 million clients grew to 24 and USD 1 million clients increased to 73," it added.
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