MindTree Q1 net profit more than doubles to Rs 89 cr

IT firm MindTree today said its standalone net profit more than doubled to Rs 89 crore for the first quarter ended June 30, 2012, as against Rs 34.6 crore in the year ago period.

The company's revenues increased 36.2 per cent to Rs 563 crore during the April-June quarter, 2012-13, from Rs 413.1 crore in the same period last year, MindTree said in a filing to the BSE.

"The global demand environment continues to be challenging as customers are cautious in their IT spending. However, with our strategic initiatives, we expect to achieve Nasscom's current industry estimates for FY 2012-13," MindTree CEO and Managing Director Krishnakumar Natarajan said.

Software services industry body Nasscom has estimated the sector to grow by 11-14 per cent this fiscal.

"Our margins have shown consistent improvement over the last 4 quarters and we will continue to focus on operational efficiencies as we move forward," Natarajan said.
MindTree is embarking on multiple initiatives to enhance its competitiveness, that will elevate it to the next level, he added.

As of June 30, 2012, MindTree had 245 customers. During the quarter, its USD 1 million customers increased by to 78, while USD 10 million customers increased to eight.

MindTree added 272 people on a gross basis during the first quarter of the 2012-13 fiscal, taking its total strength to 10,830.