Mindtree, a part of the L&T group, on Friday reported a 3.9% year-on-year (YoY) growth in its standalone net profit to ₹206.2 crore for the fourth quarter-ended March 31. Revenue for the period rose 11.5% to ₹ 2,050.5 crore.
During the financial year FY20, Mindtree’s net profit fell 16.3% to ₹630.8 crore. For the period, the revenue had grown 10.6% to ₹7,764.3 crore.
Addressing the media after announcing the results, Debashis Chatterjee, chief executive officer and managing director, Mindtree, said, “Over a period of time we will rationalise our ‘long tail of clients.’ Our top clients have grown and we have also added five new clients in Q4.”
“There was no impact from COVID-19 on the fourth quarter numbers. The current quarter has challenges and there is no clarity for the quarters after that,” he added. Mr. Chatterjee said, “Mindtree could establish business continuity very quickly as it could take clients’ approvals for moving work to homes in advance, thereby minimising any impact on productivity.
Responding to a query as to why the company’s full-year profit had declined, Senthil Kumar, interim CFO, Mindtree, said, “The company’s half-yearly margins were low. However, it witnessed a quantum jump from the exit perspective, towards end of the year, making margins healthy.” The company has also approved a final dividend of ₹10 per share.