MindTree net plunges 53% in fiscal 2010-11
Leading IT services firm MindTree Ltd reported consolidated net profit of Rs.102 crore for fiscal 2010-11 as against Rs.215 crore in previous fiscal (2009-10), registering a decline of 53 % year-on-year (YoY).
In a regulatory filing on Thursday, the city-based company said consolidated net profit for the fourth quarter (Jan-March) of the fiscal at Rs.32 crore grew a mere 3.2 % YoY from Rs.31 crore.
Consolidated income for the fiscal, however, grew 16.4 % YoY to Rs.1,509 crore from Rs.1,296 crore while it was a mere 1.6 % YoY for fourth quarter to Rs.391 crore from Rs.385 crore.
On a standalone basis, the company's net profit declined 41 % YoY to Rs.123 crore from Rs.208 crore in last fiscal, while revenue increased 22 % YoY to Rs.1,509 crore from Rs.1,233 crore.