Mindtree Q1 net down 41.4 pc to Rs 92.7 cr, confident of growing higher than industry in FY20

PTI New Delhi | Updated on July 17, 2019 Published on July 17, 2019

File Photo   -  BusinessLine

Mid-sized IT firm Mindtree Wednesday posted a 41.4 per cent fall 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.

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

In dollar terms, the company’s net profit fell 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.

“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.

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.

Published on July 17, 2019

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!


Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.