Mindtree crosses $1B in mark, pays Rs. 430 Million Dividends
After Larsen and Toubro (L&T) has announced to acquirer Mindtree, in a hostile. L&T bought the first tranche of shares in a free and consenting transaction with V.G. Siddhartha, the founder of Cafe Coffee Day to buy 20.3% stake in Mindtree from him and his two affiliate firms. L&T has the required Mindtree’s IT business with its two companies L&T Infotech Ltd and L&T Technology Services Ltd. A M Naik, chairman, L&T Group, says that the acquisition of Mindtree fits into the larger plan of the company.
The promoters of Mindtree — Krishnakumar Natarajan, Subroto Bagchi, NS Parthasarathy and Rostow Ravanan – have vehemently opposed the takeover as they face loss of control in a company they set up and nurtured with great care over two decades. In fact, the move by L&T has also brought to the fore the subject of hostile takeover in corporate India and the markets regulator will have to actively look into the matter for larger interests.
Mindtree, a global technology services and Digital transformation company, announced its consolidated results today for the fourth quarter ended March 31, 2019 as approved by its board of directors. Mindtree has delivered exceptional performance for both the fourth quarter and the full fiscal year as we cross the historic $1B 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. says, Rostow Ravanan, CEO & Managing Director, Mindtree.
Our ability to consistently grow significantly faster than the sector is a reflection of the investments we have made to align with technology trends disrupting our industry. We are well-poised to continue delivering industry leading returns for all our stakeholders, the best is yet to come”.
Key financial highlights:
Quarter ended March 31, 2019
* In USD:
* Revenue at $ 262.0 million (growth of 4.2% q-o-q / 15.8% y-o-y)
* Constant Currency growth of 3.9% q-o-q
* Net profit at $ 28.2 million (growth of 5.0% q-o-q / growth of 0.3% y-o-y)
* In INR:
* Revenue at ₹ 18,394 million (growth of 2.9% q-o-q / 25.6% y-o-y)
* Net profit at ₹ 1,984 million (growth of 3.8% q-o-q / growth of 8.9% y-o-y)
Other highlights:
* Clients:
* 349 active clients as of March 31, 2019
* $10 million clients grew by 2, total of 23
* $5 million clients grew by 1, total of 45
* $1 million clients grew by 4, total of 120
· People:
* 20,204 Mindtree Minds as of March 31, 2019
* Trailing 12 months attrition is 14.2%
· BOTs*:
* Automation is playing a significant role in modernizing our technology service delivery, enhancing both efficiency and speed-to-results for our clients.
* We have deployed 576 BOTs as of March 31, 2019
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.