Info-tech

MindTree Q1 profit soars to Rs 34 cr

Our Bureau Bangalore | Updated on March 12, 2018 Published on July 20, 2011

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With the product engineering services business ‘returning to growth mode', IT solutions company MindTree Ltd posted a 117 per cent year-on-year growth in its net profit at Rs 34.5 crore (Rs 15.90 crore) during the first quarter of fiscal 2011-12. The company's IT services business posted 41.8 per cent year-on-year growth.

Mr Krishnakumar Natarajan, CEO and Managing Director, MindTree, said, “Q1 has been a robust quarter in terms of revenue growth and margin performance.” In the quarter gone by, and the company's sales grew by 18.5 per cent year-on-year to Rs 413 crore (Rs 348.7 crore).

Its product engineering services business has returned to a growth mode with 1.7 per cent growth on a sequential basis. Increased focus on operational efficiency and the revenue momentum helped the company offset the impact of the wage revisions during the quarter and enabled it to largely maintain the same EBITDA as the previous quarter, Mr Natarajan added.

During the first quarter, MindTree added one to the $10-million client pool, taking the count to seven. As on June 30, the company had 283 active customers.

On future outlook, Mr Natarajan said, “Momentum in both our businesses is expected to continue and we are confident of delivering higher than industry average growth in FY12.”

Published on July 20, 2011
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