Mindtree Q4 net profit plunges 27 pct, misses estimates

Last Updated: Thu, Apr 20, 2017 17:18 hrs
Mindtree joins SAP to offer managed mobility in Australia

Information technology company Mindtree Ltd said consolidated net profit fell 27 percent in the fourth quarter hurt by a foreign exchange loss and fewer client additions.

The lower-than-expected profit came in at 972 million rupees ($15.04 million) for the three months ended March 31, marking the fourth consecutive quarterly profit decline. http://bit.ly/2opPMde

Analysts on average were expecting consolidated profit at 1.05 billion rupees, Thomson Reuters data showed.

Mindtree incurred a consolidated foreign exchange loss of 288 million rupees in the quarter, against a gain of 31 million rupees a year earlier. Clients added in the fourth quarter dropped 46 percent to 20.

($1 = 64.6450 Indian rupees)

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