Mindtree net profit up 33% at Rs 72 crore

Mindtree net profit up 33% at Rs 72 crore

Information technology company Mindtree Limited on Tuesday announced that its net profit stood at Rs 72.2 crore for the quarter ended September 30, 2012 (Q2), which is 33 per cent more than Rs 54.3 crore recorded in the same period last year.

 The company’s net profit however declined 18.9 per cent when compared to the last quarter ended June 30, 2012. Its revenue was Rs 596.3 crore at the end of Q2 this year and is 30.6 per cent more than Rs 456.7 crore in the same quarter previous year.

 “On the business front – uncertainty in the global economic environment is posing short-term challenges, delaying customer decisions. Our strategic investments are gaining momentum and we are focusing to successfully convert them into significant client wins. Our initiatives to improve margins are showing consistent progress” Mindtree Managing Director and Chief Executive Officer Krishnakumar Natarajan said.

  The company which has a total of 10,883 employees as of September 30, 2012 has added 454 employees during the quarter on a gross basis. It has also won 11 customers in Q2, taking the total number of clients to 247 as of September 30, 2012.

The Board of Mindtree has also elected Anjan Lahiri, President, IT Services as an additional Director to the Board. Lahiri will hold the office with effect from October 24, 2012 till the date of the next Annual General Meeting and has nominated N S Parthasarathy, President & COO as an alternate Director to S Janakiraman.