Mindtree Q4 net profit up 3.9 pc, closes FY20 with wins of $1.2 billion



L&T-owned digital transformation company Mindtree on Friday reported a 3.9 percent growth in the fourth quarter net profit at Rs 206 crore over the same period in previous fiscal.
The growth was 4.7 percent quarter-on-quarter. Revenue during Q4 FY20 grew by 11.5 percent at Rs 2,050 crore year-on-year and 4.3 percent quarter-on-quarter.

In dollar terms, the net profit was flat at 28.2 million dollars year-on-year and up 1.8 percent quarter-on-quarter. The revenue moved up 6.3 percent to 278 million dollars year-on-year and 1.2 percent quarter-on-quarter.

Mindtree said it closed FY20 with the highest ever deal wins of 1.2 billion dollars.
"Our relentless focus and client-first approach have resulted in robust Q4 performance on multiple dimensions -- revenue growth of 1.9 percent in constant currency, expansion of operating margin by 150 basis points and record deal wins of 393 million dollars," said Debashis Chatterjee, Chief Executive Officer and Managing Director.

"Looking ahead to fiscal 2021, we anticipate softness in demand due to the unprecedented COVID-19 pandemic. However, we are well equipped to handle the global crisis based on the business continuity plan we have successfully implemented to ensure the health and safety of our employees while fully supporting our clients worldwide," he said in a statement.

The company said it had 307 active clients as on March 31 and 10-million-dollar clients grew by one to a total of 23. With 21,991 employees, Mindtree 12 months attrition was at 17.4 percent.
"Automation is playing a significant role in modernizing our technology service delivery, enhancing both efficiency and speed-to-results for our clients," the IT major said.

"We are proud to report our BOTs strength that autonomously work along-side our Mindtree Minds, enabling our team to do more and accomplish larger goals. We have 764 BOTs employed."
The board of directors has recommended a final dividend of 100 percent of Rs 10 per equity share with par value Rs 10 each for the financial year ended March 31.

Bangalore Hot News