Mindtree Q1 net dips 3.7% to Rs 123 cr

Company's revenues grew 35.8% to Rs 1,327.6 crore in the quarter under review

Mid-sized IT firm Mindtree today posted a 3.7% drop in consolidated net profit at Rs 123.5 crore in the first quarter of the ongoing fiscal.

The Bengaluru-based firm had registered a net profit of Rs 128.3 crore in the year-ago period, it said in a statement.

Mindtree's revenues, however, grew 35.8% to Rs 1,327.6 crore in the quarter under review from Rs 977.5 crore in the year-ago period.

The results are as per Indian Accounting Standards.

In dollar terms, the company's net profit fell 8.7% to $18.5 million in the said quarter, while revenue was up 29% to $199 million from the year-ago period.

"The ongoing market transitions to everything-as-a- service, bundled managed services and digital transformation is right in our sweet spot. While the global environment poses short term challenges, we remain confident that our investments are on the right track to accelerate growth for our clients and Mindtree," CEO and MD of Mindtree, Rostow Ravanan said.

Mindtree saw one client addition in the $10 million category, taking the total to 16. It had 343 active clients at the end of June, 2016.

It had a total headcount of 16,110 people with trailing 12 month attrition at 16.5%.

Retail, CPG and manufacturing accounted for Rs 319.4 crore in revenue, BFSI Rs 330.6 crore, telecom, media and services Rs 479.1 crore, and travel and hospitality Rs 198.5 crore in the said quarter.

Mindtree shares today closed 3.76% down at Rs 613.80 apiece on BSE.