New Delhi: Mid-sized IT firm Mindtree on Wednesday reported a consolidated net profit of ₹198 crore during the January-March quarter, a 9% rise against a year ago. The Bengaluru-based company's revenue rose 25.6% to ₹1,839 crore during the period, according to an exchange filing.
Mindtree, which is facing a hostile takeover bid by infrastructure giant Larsen & Toubro (L&T), said its board also declared an interim dividend of ₹3 per equity share, and recommended a special dividend of 200% ( ₹20 a share) to "celebrate the twin achievements of exceeding $1 billion annual revenue milestone and 20th anniversary of the company" subject to shareholders' nod.
EDITDA (earnings before interest, taxes, depreciation and amortization) was at ₹280 crore during the quarter, up 19% year-on-year. EBITDA margin deteriorated 90 basis points to 15.2% in January-March.
"Mindtree has delivered exceptional performance for both the fourth quarter and the full fiscal year as we cross the historic $1 billion milestone. Over the course of two decades our strategy of being expertise-led and backed by a unique culture continue to help us attract world-class people and create customer successes," Mindtree CEO and managing director Rostow Ravanan said.
The company was "well-poised to continue delivering industry-leading returns for all our stakeholders, and the best was yet to come," he added.
Mindtree's FY'19 net profit grew 32.2% to ₹754.1 crore, while revenue rose 28.5% to ₹7,021.5 crore from the previous financial year.
Earlier this month, the Competition Commission of India approved L&T’S hostile takeover bid for Mindtree.
With PTI inputs
