MindTree revenues grow 7.1 p.c. in Q1

BANGALORE, INDIA: MindTree Limited, a global IT and Product Engineering Services company, announced its standalone results for the first quarter ended June 30, 2012, as approved by its Board of Directors.

''The global demand environment continues to be challenging as customers are cautious in their IT spending. However, with our strategic initiatives, we expect to achieve NASSCOM’s current industry estimates for FY2013. Our margins have shown consistent improvement over the last 4 quarters and we will continue to focus on operational efficiencies as we move forward,” said Krishnakumar Natarajan, CEO and managing director, MindTree.

Key Financial Highlights:

In USD terms: Revenue at $105.5 million (growth of 0.4 per cent Q-o-Q / 14 per cent Y-o-Y) and Net Profit at $16.7 million (growth of 21.3 per cent Q-o-Q / 116.2 per cent Y-o-Y)

In Rupee terms: Revenue at 5,630 million (growth of 7.1 per cent Q-o-Q / 36.3 per cent Y-o-Y) and Net Profit at 890 million (growth of 28.6 per cent Q-o-Q / 157.2 per cent Y-o-Y), said a press release

Other Highlights:

Customers: As of June 30, 2012, MindTree had 245 active customers. During the quarter, $1 million customers increased by 1 to 78; $10 million customers increased by 1 to 8.

Employees: MindTree added 272 people on a gross basis during Q1 FY2013, taking its total strength to 10,830 as of June 30, 2012.