Mid-sized IT firm Mindtree on Wednesday said its consolidated net profit grew 8.9% to ₹198.4 crore for the March 2019 quarter, from ₹182.2 crore in the year-ago period.
The Bengaluru-based company’s revenue also increased by 25.6% to ₹1,839.4 crore in the said quarter, as compared to ₹1,464 crore in the year-ago period, Mindtree said in a regulatory filing.
Mindtree, which is facing an hostile takeover bid by infrastructure giant L&T, said its board has also declared an interim dividend of ₹3 per equity share, and recommended a special dividend of 200% (₹20 a share) to “celebrate the twin achievements of exceeding $1 billion annual revenue milestone and 20th anniversary of the company” subject to shareholders’ nod.
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“Mindtree has delivered exceptional performance for both the fourth quarter and the full fiscal year as we cross the historic $1 billion milestone. Over the course of two decades our strategy of being expertise-led and backed by a unique culture continues to help us attract world-class people and create customer successes,” Mindtree CEO and managing director Rostow Ravanan said.
He added that the company is “well-poised to continue delivering industry leading returns for all our stakeholders, the best is yet to come”.
Mindtree’s FY’19 net profit grew 32.2% to ₹754.1 crore, while revenue was up 28.5% to ₹7,021.5 crore from the previous fiscal.
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