Mindtree posts 24 percent jump in Q4 net profit, revenue crosses $500 million

Mid-tier IT services company Mindtree on Wednesday reported 24.5 percent jump in consolidated net profit to Rs. 98.2 crores for the quarter ended March 31, 2014, helped by broad-based growth and strong deal pipeline.

The Bangalore-based firm had posted a net profit of Rs. 78.9 crores in the year-ago period, it said in a statement.

Consolidated revenue grew by 34.5 percent to Rs. 823.7 crores in the January-March quarter of 2013-14 fiscal from Rs. 612.4 crores in the same quarter of 2012-13 fiscal, it added.

In US dollars, net profit was up 8.9 percent at $15.9 million, while revenue was up 17.4 percent at $132.8 million.

Commenting on the performance, Mindtree CEO and Managing Director K Natarajan said: "FY 2014 has been a momentous year for Mindtree. We crossed half a billion dollars in revenue, $100 million in operating profits and Rs. 100 of earnings per share."

"The company has progressed well in its journey to increase its strategic relevance to clients and will continue to aspire, to deliver superior financial performance, innovation and industry leadership in chosen verticals, among others," he added.

For the 2013-14 fiscal, net profit grew 32.9 percent to Rs. 450.8 crores, whereas, revenue rose by 28.4 percent to Rs. 3,031.6 crores.

In dollar terms, net profit rose by 19.3 percent to $74.6 million in the last fiscal. revenue was up 15.1 percent to $501.5 million during the same period.

During the January-March quarter, Mindtree's $5 million clients grew to 24 and $1 million clients rose to 73. Its total client base stood at 207 as of March 31, 2014.

The company added 397 employees (gross) during the fourth quarter taking its total headcount to 12,926 employees as of March 31, 2014.

Shares of the company on Wednesday fell by 1.38 percent to settle at Rs. 1380.65 apiece from its previous BSE closing.