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Bengaluru-based IT company Mindtree reported a net profit of ₹124.7 crore for the September-ended quarter, a 31.5 per cent increase compared with the ₹94.8 crore it posted in the same period last year. The total income of Mindtree rose 5.7 per cent to ₹1,363.3 crore in July-September quarter from ₹1,284.5 crore in the same period of the previous fiscal.
CEO and MD Rostow Ravanan also maintained that the company will grow its revenues this year in “high single digits”.
The firm will hire 600 techies by the end of this fiscal year as it sees an improvement in its deal pipleline, going forward.
Addressing reporters at its second-quarter results conference call, Ravanan said the mid-sized company will go on with its hiring plans for the year. “We hired 400 employees this quarter, 400 in the last quarter, and will look to hire around 600 during the rest of the fiscal,” he said. The firm had added a similar number of employees in FY2017.
Mindtree’s headcount stood at 16,910 at the end of the quarter.
“The size and quality of our pipeline continues to grow robustly as a result of our differentiated positioning and strategic choices. We see continued growth momentum ahead, and are progressing with a focus on execution excellence,” Ravanan said in a statement. As an example, he pointed out that digital deals, which in the past had an average size of $500,000, is hitting the multi-million dollar range.
Mindtree also cheered investors with an interim dividend of 20 per cent or ₹2 per equity share of par value ₹10 each, and a special dividend of 20 per cent ₹2 per equity share of par value ₹10 each on completion of 10 years of IPO. Its shares closed at ₹509.95, marginally up compared with the previous day’s close.
The company also said that during the quarter, it received the required regulatory approvals to transfer the business and net assets of its wholly owned subsidiary Bluefin Solutions Ltd, UK (‘Bluefin’) to the company. In July, Mindtree had acquired Bluefin for an undisclosed sum, to expand its European presence and accelerate its digital strategy.
The company closed the quarter with 327 active clients.
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