Mindtree Achieves Industry Leading Revenue Growth of 22.5% in FY16; Recommends Final Dividend

BANGALORE and WARREN, NJ, April 18, 2016 /CNW/ - Mindtree, a global technology services company, announced its consolidated results today for the fourth quarter and year ended March 31, 2016, as approved by its Board of Directors.

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"We aspire to become the partner of choice for global enterprises seeking disruptive models to build great business value. Our deep domain and technology expertise, combined with a sustained investment in building the workforce of tomorrow, have produced stellar results for the year," said Rostow Ravanan, CEO & Managing Director, Mindtree. "FY16 has seen industry leading growth of 22.5% for Mindtree. We are confident that our strategic roadmap with digital and managed services as underlying themes backed by expert teams will help us deliver superior results going forward." 

Key financial highlights: 

Quarter ended March 31, 2016 

• In USD terms:
  • Revenue at $195.6 million (growth of 6.1% q-o-q / 32.3% y-o-y). Constant currency growth of 7.1% q-o-q
  • Organic revenue (excluding acquisitions of the current year) growth of 3% q-o-q and 20.6% y-o-y. Constant currency growth of 3.6% q-o-q
  • Net profit at $23 million (growth of 0.6% q-o-q / 11.1% y-o-y)
• In Rupee terms:
  • Revenue at INR 13,242 million (growth of 9% q-o-q / 44.2% y-o-y)
  • Net profit at  INR 1,560 million (growth of 3.4% q-o-q / growth of 21.2% y-o-y)

Year ended March 31, 2016 

• In USD terms:
  • Revenue at $715.2 million (growth of 22.5%). Constant Currency growth of 26%
  • Organic revenue (excluding acquisitions of the current year) growth of 15.4%. Constant Currency growth of 18.6%
  • Net profit at $92 million (growth of 4.7%)

• In Rupee terms:
  • Revenue at INR 46,896 million (growth of 31.7%)
  • Net profit at INR 6,033 million (growth of 12.5%)

Other highlights:  

• Clients:
  • 348 active clients as of March 31, 2016
  • $25 million clients grow to 6; $10 million clients grow to 15; $5 million clients grow to 31; $1 million clients grow to 101
• People:
  • 16,623 Mindtree Minds as of March 31, 2016
  • Added 1,020 Mindtree Minds during the quarter on a gross basis
  • Trailing 12 months attrition is at 15.7%.
• Multi-year and multi-million dollar wins with leading global clients
  • A leading personal digital media company. For this existing client, Mindtree will provide complete application testing Services.
  • A leading provider of business support solutions. Mindtree will provide software product engineering and professional services.
  • Public Services company based in UK. Mindtree will provide SAP Application Management & Support Services. This is also our first joint win with Bluefin Solutions. Awards and recognition:
• Awards and recognition:
  • Mindtree named a Top 10 Outsourcing Provider in the Americas and EMEA regions by Information Services Group (ISG)
  • Relational Solutions, a Mindtree company, named a 2016 Readers' Choice in Demand Data Analytics by Consumer Goods Technology Magazine
  • Krishnakumar Natarajan, Chairman, Mindtree has been named as the EY Entrepreneur of the Year 2015 under the Services category
  • Mindtree has been ranked amongst the 100 "Fastest Growing Companies" by BW Businessworld 
• Dividend announcement:
  • The Board of Directors at its meeting held on March 23, 2016, have declared an interim dividend of 20% (INR 2 per equity share, after bonus issue, of par value of INR 10 each) for the quarter ended March 31, 2016. Further, the Board of Directors at its meeting held on April 18, 2016 have recommended a final dividend of 30% (INR 3 per equity share, after bonus issue, of par value INR 10 each) for the year ended March 31, 2016, subject to shareholder approval.

About Mindtree: 

Mindtree [NSE: MINDTREE] delivers digital transformation and technology services from ideation to execution, enabling Global 2000 clients to outperform the competition. 'Born digital,' Mindtree takes an agile, collaborative approach to creating customized solutions across the digital value chain. At the same time, our deep expertise in infrastructure and applications management helps optimize your IT into a strategic asset. Whether you need to differentiate your company, reinvent business functions or accelerate revenue growth, we can get you there. Visit www.mindtree.com to learn more.

Safe harbour 

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf. 

Visit us at www.mindtree.com.

SOURCE Mindtree

India: Priyanka Waghre, Mindtree, [phone], [email protected]; United States: Andrea Dunbeck, Matter Communications, 978-518-4555, [email protected]; Europe: Kiran Farooque, PPR Worldwide, [phone], [email protected]