Mindtree fourth-quarter net profit plunges 27 percent, misses estimates

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REUTERS – Information technology company Mindtree Ltd said consolidated net profit fell 27 percent in the fourth quarter hurt by a foreign exchange loss and fewer client additions.

The lower-than-expected profit came in at 972 million rupees ($ 15.04 million) for the three months ended March 31, marking the fourth consecutive quarterly profit decline. http://bit.ly/2opPMde

Analysts on average were expecting consolidated profit at 1.05 billion rupees, data showed.

Mindtree incurred a consolidated foreign exchange loss of 288 million rupees in the quarter, against a gain of 31 million rupees a year earlier. Clients added in the fourth quarter dropped 46 percent to 20.

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($ 1 = 64.6450 rupees)

(Reporting By Samantha Kareen Nair in Bengaluru; Editing by Sherry Jacob-Phillips)

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