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Software services provider Mindtree Ltd expects to post a marginal fall in revenue growth in dollar terms in the fourth quarter of current fiscal.
However, it is confident of surpassing the Nasscom growth estimate of 12.3 per cent for the financial year 2015 and beating Nasscom's forecast for FY 2016 too.
In an update filed with the stock exchanges about the fourth quarter financial results, Mindtree said that in dollar terms its quarter-on-quarter revenue growth on an organic basis was likely to post a "small decline". The company attributed this to sustained depreciation of "certain currencies" against the (US) dollar and the delay in the starting of projects at two of its clients in retail and consumer packaged goods vertical.
Mindtree said that on a constant currency basis, the revenue growth was "expected to be flat". Consequently, the operating margins for the quarter might fall "marginally". However, the company pointed out that as it had indicated earlier, it expects to "significantly exceed" the Nasscom growth estimates of 12.3 per cent for FY15.
The company said that as the update was a "current quarter issue" and was "transitory in nature", it was optimistic about the demand environment in the future and was confident of surpassing the Nasscom's growth estimates for FY16.
As the company has completed the acquisition of Discoverture Solutions LLC in the US early this quarter, the consolidated fourth quarter results would reflect the financials of this acquired company too, Mindtree said.
Shares of Mindtree are down by 5.85 per cent or Rs 86 at Rs 1,385 on the NSE with the overall market sentiments also turning weak with the BSE Sensex tanking by over 375 points and NSE Nifty down by about 120 points.
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