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Mid-sized software services firm Mindtree today reported a 31 per cent growth in consolidated net profit at Rs 128.7 crore for the quarter ended March 31, 2015, driven by expansion in business across all platforms.
The firm had posted a net profit of Rs 98.2 crore in the year-ago period, it said in a statement.
Consolidated revenue rose 11.5 per cent to Rs 918.1 crore in the January-March quarter from Rs 823.7 crore a year ago, it added.
In terms of US dollars, net profit rose 30.5 per cent to $ 20.7 million while revenue jumped 11 per cent to $ 147.8 million.
However, on a quarter-on-quarter (q-o-q) basis, its net profit declined 8.6 per cent from Rs 140.8 crore in the October-December quarter. Revenue was up marginally from Rs 911.7 crore during the same period.
For 2015-16, Mindtree said it expects revenue growth to be in the range of 12-14 per cent, below Nasscom’s estimate of 13-15 per cent for the current fiscal.
Speaking to reporters during a concall, Mindtree Managing Director and CEO Krishnakumar Natarajan said: “We delivered an industry-leading performance with a revenue growth of 16.4 per cent for 2014-15. In this, our expertise in agile, analytics, cloud and Internet of Things (IoT) is making deep impact.”
For the entire 2014-15 fiscal, the firm reported a 19 per cent growth in net profit at Rs 536.3 crore from Rs 450.8 crore in the year-ago period. Revenue was up 17.5 per cent at Rs 3,561.9 crore from Rs 3,031.6 crore in the same period.
On the client side, the firm reported 217 active clients as of March 31, 2015. Mindtree said its total headcount stood at 14,202 as of March 31 and the firm added 1,517 employees during the March quarter on a gross basis.
The company attributed its q-o-q decline in net profit to currency headwinds with the US dollar getting stronger against other major currencies.
Many multi-national companies which earn a major part of their US dollar revenue from outside North America have been feeling the currency pressure and are looking at cost optimisation, which will put pressure on traditional IT services business, Natarajan added.
Mindtree shares today fell 2.58 per cent to settle at Rs 1,391.25 on BSE.
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