Midcap IT services company Mindtree has clocked 2.8 percent sequential decline in consolidated profit at Rs 317.3 crore for the quarter ended March 2021, hit by weak operating performance, but ended the year confident of maintaining double-digit growth and EBITDA above 20 percent in FY22.
Consolidated revenue grew by 4.2 percent quarter-on-quarter to Rs 2,109.3 crore and the dollar revenue at $288.2 million was up by 5.2 percent from the previous quarter.
“We are proud to deliver another strong quarter, driven by significant traction in our client portfolio globally, leading to revenue growth of 5.2 percent, EBITDA of 21.9 percent, and an order book of $375 million at the end of Q4,” Chief Executive Officer and Managing Director Debashis Chatterjee.
Numbers were a shade above analysts’ expectations. Profit was estimated at Rs 282 crore on revenue of Rs 2,084 crore for the March quarter and dollar revenue was expected at $287 million, according to an average of estimates of analysts polled by CNBC-TV18.
Mindtree added one client in the $5-million category during the quarter but lost two in the $1-million band and one in $10-million band. The total active clients at the end of March 2021 stood at 270, down from 276 at the end of December 2020.
The full-year FY21 profit at Rs 1,110.5 crore was up 76 percent and revenue at Rs 7,967.8 crore increased 2.6 percent compared to the previous year. In dollar terms, the topline declined 1.1 percent over the previous year.