Mindtree Q2 net up 65% to Rs 2.06 bn; revenue rises 31% to Rs 17.5 bn

Mid-sized IT firm Mindtree on Wednesday posted 65.4 per cent rise in consolidated net profit at Rs 2.063 billion for the quarter ended September 30.

The company had registered a net profit of Rs 1.24 billion in the year-ago period, it said in a statement.

Revenues rose 31.8 per cent to Rs 17.55 billion in the quarter under review from Rs 13.31 billion in the year-ago period.

On sequential basis, the net profit was higher 30.4 per cent, while revenue grew 7.1 per cent.

In dollar terms, the company's net profit increased 50.4 per cent to $29.1 million in the said quarter, while revenue was up 19.5 per cent to $246.4 million from the year-ago period.

"Our deep expertise across both digital and run landscapes are delivering competitive advantage for our clients, while fuelling Mindtree's continued growth," Mindtree CEO and Managing Director Rostow Ravanan said.

He said by investing in an 'automate-everything' platform-based approach, Mindtree is "consistently driving larger deals and industry recognition".

"During this quarter, we also further advanced the innovation in our reskilling efforts, helping our people to succeed in the modern information economy," he said.

Mindtree had 341 active clients at the end of September, 2018. It had a total headcount of 19,402 with trailing 12 month attrition at 13 per cent.

The Board of Directors have declared an interim dividend of Rs 3 per equity share.