Mindtree Q2 net up 32% to Rs 125 cr

IT firm Mindtree today reported 32 per cent increase in net profit to Rs 125 crore in the second quarter ended September 30, 2017.

The company had posted a net profit of Rs 94.8 crore in the same period a year ago.

The total income of Mindtree rose six per cent to Rs 1,391.4 crore in July-September quarter from Rs 1,312.4 crore in the same period of previous fiscal.

"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," Mindtree CEO and Managing Director Rostow Ravanan said in a statement.

The company 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 Limited, UK ('Bluefin') to the company.

The company closed the quarter with 327 active client base and a workforce of 16,910 people.

In a BSE filing, Mindtree said its Board of Directors recommended an interim dividend of 20 per cent ( Rs 2 per equity share of par value Rs 10 each) and a special dividend of 20 per cent (Rs 2 per equity share of par value Rs 10 each) on completion of ten years of Initial Public Offering (IPO).

Shares of Mindtree closed at Rs 506.95 per scrip, up 0.83 per cent at BSE on Wednesday.