Mindtree has reported a strong profit growth for the year ended 2018 on the back of increased automation. For the year, the company’s net profit grew 36.2 per cent to ₹570 crore.

However, revenue went up 4.3 per cent to ₹5,462.8 crore when compared to the previous fiscal, lower than Nasscom estimates. Nasscom had estimated 7-8 per cent growth for the Indian IT industry.

The Bengaluru-based mid-sized company’s shares closed at ₹866.30, or 1.9 per cent down when compared to the previous day’s close. “We ended the year on a strong note. It’s especially heartening that our client satisfaction ratings reached an all-time high, setting the benchmark in our industry,” said Rostow Ravanan, CEO & Managing Director, Mindtree.

On a year-on-year basis, Mindtree reported 7 per cent growth in net profit at ₹182.2 crore when compared to the ₹97.2 crore it posted in the same period last year. Revenues grew by 11.1 per cent to ₹1,464 crore in the January-March 2018 period from ₹1,318.1 crore a year ago.

In dollar terms, it reported strong net profit growth of 41.8 per cent for the whole year. Similarly, revenues grew 8.6 per cent.

Mindtree had 338 active clients as of March 31, 2018. Its net addition during the quarter was 523, taking its headcount to 17,723 people. The company also reported attrition of 12.5 per cent at the end of the fiscal year.

The board of directors has declared an interim dividend of 20 per cent (₹2 per equity share of par value ₹10 each) and recommended a final of 30 per cent (₹3 per share) , subject to approval.

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