Mindtree Announce Q1 Standalone Results
News Release from:
16 July 2012
MindTree has announced its standalone results today for the first quarter ended 30 June 2012. In US$ terms Revenue grows 0.4% quarter-on-quarter and 14.0% year-on-year; Net Profit Soars 116.2% y-o-y and 21.3% q-o-q.
Key Financial Highlights
• In USD terms: Revenue at $105.5 million (growth of 0.4% q-o-q / 14% y-o-y) and Net Profit at $16.7 million (growth of 21.3% q-o-q / 116.2% y-o-y)
• In Rupee terms: Revenue at `5,630 million (growth of 7.1% q-o-q / 36.3% y-o-y) and Net Profit at `890 million (growth of 28.6% q-o-q / 157.2% y-o-y)
• Customers: As of June 30, 2012, MindTree had 245 active customers. During the quarter, $1 million customers increased by 1 to 78; $10 million customers increased by 1 to 8.
• Employees: MindTree added 272 people on a gross basis during Q1 FY2013, taking its total strength to 10,830 as of June 30, 2012.
Major client wins:
o A large European travel and transportation company. MindTree will provide services in the area of e-commerce platforms for this existing client.
o A large US bank. MindTree has been chosen as its application development partner.
o A large provider of production management services to the entertainment industry. MindTree will provide product engineering services to develop a next generation production accounting and finance system.
o A world leader in the computer and software technology industry. MindTree will provide consulting and support services for its cloud platform for this existing client.
“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 FY2013. Our margins have shown consistent improvement over the last four quarters and we will continue to focus on operational efficiencies as we move forward. Given the great progress we have made, we are embarking on multiple initiatives to enhance our competitiveness, that will elevate us to the next level” said Krishnakumar Natarajan, CEO & Managing Director, MindTree.