Mindtree’s net profit surges 72% q-o-q in rupee terms, strong revenue growth of 4.1% in dollar terms

18 July 2013

Global information technology solutions company Mindtree Limited has announced its results for the first quarter ended 30 June 2013.

In USD terms, revenues grew 4 percent quarter on quarter and 12 percent year on year to $117.7 million. Net profits rose 69 percent quarter on quarter and 47 percent year on year to $24.6 million. In Rupee terms, revenues grew 6 percent quarter on quarter and 15 percent year on year to 6,477 million rupees and net profits grew 72 percent quarter on quarter and 52 percent year on year to 1,354 million rupees

The number of active customers as of 30 June 2013 were 222 and the number of customers over $10m grew to ten. Mindtree has 12,239 employees as of 30 June 2013, an increase of 1,057 during the last quarter

“We have delivered fifteen consecutive quarters of revenue growth and this quarter’s performance continues that trend and has been encouraging both from a revenue and profitability perspective.” said Krishnakumar Natarajan, CEO & Managing Director, Mindtree Limited. “We hope to continue this momentum and have made some key changes to our strategy and structure to enhance our expertise led positioning and to build an agile organisation. We are confident that these steps are in the right direction to achieve our aspirations to deliver industry leading growth”

Mindtree’s major client wins include two multi-year engagements with an existing customer, a world leader in the computer and software technology industry where Mindtree will provide support services for their developer tools and cloud business. Also a large multi-year engagement with an existing customer in the global financial services area where Mindtree will provide support services to their global business services and human resources technology portfolio.

In addition, a large human capital management software and services company based in Europe has chosen Mindtree as a strategic partner to provide a range of application, testing, BI and infrastructure services and another existing customer, a leading general-use vehicle rental company, has chosen Mindtree as a system integration partner to build their next generation pan European digital platform.

Mindtree was also listed in Top 100 best companies to work for in India. The company ranked 40th among the 535 participating organisations, moving up 7 ranks as compared to last year. This survey was conducted by The Economic times & Great Place to Work ® Institute.

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