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. bit.ly/2opPMde
Analysts on average were expecting consolidated profit at 1.05 billion rupees, Thomson Reuters 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.
($1 = 64.6450 rupees)
Reporting By Samantha Kareen Nair in Bengaluru; Editing by Sherry Jacob-Phillips