Mid-tier IT services company Mindtree Ltd on Monday reported 49% year-on-year growth in net profit for the March quarter 473 crore as against 317 crore in the previous year period.
Revenue from operations, meanwhile, up 37% 2,897 crore as compared to 2,109 crore in the corresponding quarter of the last financial year.
on Monday, Mindtree Shares closed with a decline of 3.27% 3,965 each on NSE.
“Our industry-leading growth through a year of rapid business and technology transformation demonstrates the relevance of our value proposition in reimagining businesses and driving large-scale digital transformation,” said Debashish Chatterjee, CEO and MD, Mindtree.
Earlier during the day, Bloomberg reported that Larsen & Toubro Ltd. is weighing a merger between its two publicly traded software firms Mindtree and L&T Infotech, as the Indian conglomerate scales to compete with global digital giants. wants.
The boards of Mindtree Ltd and Larsen & Toubro Infotech Ltd, the two software entities controlled by the Mumbai-based engineering firm, may consider the share swap ratio for merger as early as next week.
The board of the company has recommended the final dividend of 27 per equity share for the financial year ended March 31, 2022.
Larsen acquired control of Mindtree in 2019. The group holds about 61% stake in the company, which has a market value of $8.3 billion, and about 74% of L&T Infotech, which has a market capitalization of $13.6 billion, data compiled by Bloomberg show.
“Our sequential revenue growth of 5.2% in constant currency made this our fifth consecutive quarter of 5%-plus growth in constant currency. Our full-year revenue growth of 31.1% by broadening our services portfolio, mining customers and industry partnerships Validates our strategy to capitalize on rising demand,” Chatterjee said.
In dollar terms, revenue was $383.8 million, representing growth of 4.8% quarter-over-quarter and 33% year-over-year.
Mindtree reported EBIT (earnings before interest and tax) 549 crore for the March quarter, up 40% over the previous year period, while margins shrank marginally at 18.9%.