MindTree Q1 profit dips 71 p.c. Q-o-Q to Rs 15.8 cr

MUMBAI, INDIA: IT solutions provider MindTree Ltd said on Monday it has posted a consolidated net profit of Rs 15.8 crore for the quarter ended June 30, 2010. This shows a sharp dip of 71 per cent compared to the the previous quarter and 72.1 per cent compared to the year-ago quarter, MindTree said in a regulatory statement.

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During this period, the company's revenues stood at Rs 348.7 crore, up by 1.3 per cent Q-o-Q and 14.4 per cent Y-o-Y.

The company added 31 new customers and as on June 30, 2010, the company has 261 active customers.

Some significant wins during the period include, the UID project of the Government of India, and the IT deal from a car manufacturer in India.

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“Q1 has been an encouraging quarter,” said MindTree CEO and MD, Krishnakumar Natarajan. “This has set a strong foundation for good growth for FY11. We have always been a customer and people-centric organization and this focus will help us enhance business in the current volatile environment.”