Mindtree Q4 profit plunges 27%, misses estimates
Mindtree’s lower-than-expected profit came in at Rs97.2 crore for the fourth quarter ended 31 March, marking the fourth consecutive quarterly profit decline
Bengaluru: Information technology company Mindtree Ltd said consolidated net profit fell 27% in the fourth quarter hurt by a foreign exchange loss and fewer client additions.
The lower-than-expected profit came in at Rs97.2 crore ($15.04 million) for the three months ended 31 March, marking the fourth consecutive quarterly profit decline.
Analysts on average were expecting consolidated profit at Rs105 crore, Thomson Reuters data showed.
Mindtree incurred a consolidated foreign exchange loss of Rs28.8 crore in the quarter, against a gain of Rs3.1 crore a year earlier. Clients added in the fourth quarter dropped 46% to 20. Reuters