MindTree Q2 profit jumps 135%

IT and product engineering services company MindTree has posted strong financials for the second quarter (Q2) in a row in FY12. In the quarter ended September 30, the company reported a 134.9 per cent jump in its net profit to Rs 54.5 crore as compared to the same period in the last financial year.

The revenues of the Bangalore-based company for the period stood at Rs 456.7 crore, an increase of around 18.8 per cent year-on-year. The company attributed its performance to the re-invention of its strategies and shift in focus businesses.

In April this year, MindTree had said it would focus on five key verticals including banking and financial services, manufacturing, media, retail and travel.

“Q2 has been a stellar quarter on all fronts. We saw a strong revenue growth of 9.5% quarter-on-quarter with both (IT and product engineering services) our businesses reporting excellent growth. We were also able to improve margins through our operational initiatives and we expect this trend to continue,” said MindTree’s CEO & MD Krishnakumar Natarajan.

During the quarter under review, the company added 1,478 people on a gross basis, taking its total headcount to 10,580.

As of September 30, MindTree had 270 active customers, including 43 global Fortune 500 companies. Its $1 million customers base increased by 5 to 72 and $5 million customers increased by three to 17.

The company also said that in dollar terms, its revenue for the quarter grew 23 per cent to $101.34 million.

The Board of Directors has recommended an interim dividend of 25 per cent ( around Rs 2.50 per equity share of par value Rs 10 each), which includes a special dividend of Rs 1 per equity share on the occasion of MindTree crossing $100 million in revenues in a single quarter and crossing an employee strength of 10,000.