Mindtree Q4 net rises 4.7% qoq to ₹206 cr1 min read . Updated: 24 Apr 2020, 06:49 PM IST
- The Bengaluru-based IT services company’s revenue for the fourth quarter stood at ₹2,050.5 crore, up 4.3% sequentially
- In FY21, company CEO sees 'softness in demand due to the unprecedented Covid-19 pandemic'
Bengaluru: Mindtree Ltd’s net profit for the fourth quarter ended March rose 4.7% q-o-q and 3.9% annually to ₹206.2 crore, as its focus on cost efficiencies and standardisation have started to bear fruit.
The Bengaluru-based IT services company’s revenue for the fourth quarter stood at ₹2,050.5 crore, up 4.3% sequentially and 11.5% on a y-o-y basis. The closely-watched dollar revenue stood at $278.4 million, up 1.2% sequentially and 6.3% y-o-y on the back of $393 million worth of deal signings during the quarter.
Mindtree’s EBITDA margins stood at 17.1%, improving about 150 basis points as compared to the previous quarter due to operating efficiencies and currency benefits.
Debashis Chatterjee, chief executive officer and managing director, Mindtree said he did not see any “significant impact" in business due to Covid-19 in Q4 although “looking ahead to fiscal 2021, we anticipate softness in demand due to the unprecedented Covid-19 pandemic."
Chatterjee added, “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."
Its digital business contributed 38.5% to the total revenues for the fourth quarter. As part of its digital initiatives, in December, Mindtree partnered with global software company PTC to launch an India-based centre of excellence called ‘Immersive Aurora’ as a site to develop immersive technology experiences in areas such as augmented reality (AR) and virtual reality (VR).
In terms of verticals, Hi-tech and Media, which contributed 43.1% to the revenues in Q4 continued to grow at 15.2% y-o-y along with Retail, CPG (consumer packaged goods) & Manufacturing which grew 5% y-o-y.
The attrition rate for the fourth quarter stood at 17.4%, marginally up from 17.2% in the previous quarter. Mindtree had a total of 21,991 employees as of 31 March