Mindtree Q1 net profit up 30 pc at Rs 158 cr

Mid-sized IT firm Mindtree today posted a 30 per cent rise in consolidated net profit at Rs 158.2 crore for the quarter ended June 30.

The Bengaluru-based firm had registered a net profit of Rs 121.7 crore in the year-ago period, it said in a statement.

Mindtree's revenues rose 27.1 per cent to Rs 1,639.5 crore in the quarter under review from Rs 1,289.5 crore in the year-ago period.

In dollar terms, the company's net profit increased 23.5 per cent to USD 23.3 million in the said quarter, while revenue was up 20.7 per cent to USD 241.5 million from the year-ago period.

The company's sustained high revenue growth is a reflection of clients voting with their wallets that Mindtree's unique blend of expertise and collaboration is delivering a completely different experience, Mindtree CEO and Managing Director Rostow Ravanan said.

"The long-term strategic initiatives of delivery excellence and making Mindtree a great place to work continue to be visible in our improving profitability and low-attrition rates," he added.

Mindtree had 339 active clients at the end of June, 2018. It had a total headcount of 18,990 people with trailing 12 month attrition at 12.2 per cent.