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Mindtree Q1 net profit up 41 per cent to Rs 92.7 cr

Mid-sized IT firm Mindtree posted a 41.4 per cent rise in consolidated net profit to Rs 92.7 crore, for the quarter ended June 30.

The Bengaluru-based firm had registered a net profit of Rs 158.2 crore in the year-ago period, it said in a statement. Mindtree’s revenues rose 11.9 per cent to Rs 1,834.2 crore in the quarter as compared with Rs 1,639.5 crore in the year-ago period.

Sequentially, the net profit fell 53.3 per cent from Rs 198.4 crore in March quarter, while revenue declined marginally from Rs 1,839.4 crore in the fourth quarter.

In dollar terms, the company’s net profit increased 42.7 per cent to USD 13.4 million in the said quarter, while revenue was up 9.4 per cent to USD 264.2 million from the year-ago period.

Challenges ahead

“We have delivered stable results in the face of many uncertainties, reflecting the unique strengths of Mindtree. This quarter saw us achieve an all-time high contract closures which sets the pace for the rest of the year,” Mindtree Chief Executive Officer and Managing Director Rostow Ravanan said.

Also read: ‘L&T can provide impetus to Mindtree’s long-term growth’

He added that while external factors pose some challenges, the company’s focussed strategy and strong client relationships makes it confident of delivering above industry growth rates in 2019-20 as well.

Mindtree had 346 active clients at the end of June 2019. It had a total headcount of 20,935 people with trailing 12-month attrition at 15.1 per cent.

Source: The Hindu