MindTree Q1 net profit dips 71 per cent

MindTree Q1 net profit dips 71 per cent

The consolidated revenue grew by 1.3 per cent Q-o-Q and 14.4 per cent Y-o-Y to Rs 3,487 million. However, profit after tax decreased by 71 per cent Q-o-Q and 72.1 per cent Y-o-Y to Rs 158 million.

During the quarter under review, the company added 31 new customers. The company had 261 active customers in its kitty as of June 30, 2010.

The company’s IT service business and product engineering services business was the major contributor of revenue.  

MindTree added 1,324 people on a gross basis during Q1 and a net addition of 715 people which is the highest in last eight years.

The total strength of the employees as of June 30, 2010 stood at 9012. In the last 12 month period, the company reported attrition of about 14.1 per cent and aims to add 3,500 people this year.

 “Our Q1 has been an encouraging quarter, in terms of revenue traction. This has set a strong foundation for good growth for the financial year 2010-2011. “ said MindTree CEO & MD, Krishnakumar Natarajan.