Amazon Pay

Mindtree fourth-quarter net profit plunges 27 percent, misses estimates | Reuters

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.

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 rupees) (Reporting By Samantha Kareen Nair in Bengaluru; Editing by Sherry Jacob-Phillips)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Apr 20, 2017 22:04 PM

Also See