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Mindtree net zooms 65% in second quarter

Thursday, October 18, 2018
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IT services firm Mindtree on Wednesday reported Rs 206 crore consolidated net profit for the second quarter of fiscal 2018-19, registering a 65 per cent annual and 30 per cent quarterly growth.

"Consolidated revenue for the quarter under review (Q2) grew 32 per cent annually and 7 per cent quarterly to Rs 1,755 crore," the city-based firm said in a statement here.

In dollar terms, the net income grew 50 per cent annually and 25 per cent quarterly to $29 million, while gross revenue is up 19.5 per cent annually but up 2 per cent only quarterly to $246 million.

"Our expertise in digital space is delivering competitive advantage to our clients, while fuelling our growth," said Mindtree's Chief Executive Rostow Ravanan in the statement.

The company has 484 bots deployed as of September 30 to work autonomously and enable its employees to do more and accomplish larger goals.

A bot is a software application, which runs automated tasks over the internet. They perform tasks that are simple and repetitive at a much higher rate than humans.

"By investing in an 'automate-everything' platform-based approach, we are driving larger deals and industry recognition. We have also advanced innovation in reskilling efforts, helping our people to succeed in the modern information economy," added Ravanan.

The IT consulting services firm added two $10-million clients and five $5 million clients during the quarter, taking their total number to 341.

The company has 19,402 techies, with 13 per cent annual attrition rate.

The board has recommended 30 per cent or Rs 3 interim dividend per share of Rs 10 face value for the first half of this fiscal.

The company's blue scrip, however, lost Rs 6.25 per share to close at Rs 978.95 at the end of Wednesday's trading on the BSE as against Tuesday's price Rs 988.20 after opening at Rs 988 earlier in the day.

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Source: IANS
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