Mindtree net up 30% annually, slips 13% quarterly

Bengaluru: IT services firm Mindtree on Thursday reported a Rs 158 crore net profit for the first quarter of fiscal 2018-19, registering 30 per cent annual growth but 13 per cent decline sequentially from last quarter.

“Revenue, however, grew 27 per cent annually and 12 per cent sequentially to Rs 1,640 crore for the quarter (Q1) under review,” said the city-based technology and digital transformation firm in a statement here.

In dollar terms, net income grew 24 per cent annually but declined 17 per cent quarterly to $23.3 million, while revenue grew 21 per cent annually but declined 6.8 per cent quarterly to $242 million.

“Automation is playing a significant role in modernising our technology service delivery, enhancing both efficiency and speed-to-results for our clients,” said the company in the statement.

The company has 406 ‘bots’, or software application running automated tasks over the internet, and performing tasks that are simple and repetitive at a much higher rate than humans, deployed to work autonomously and enable its employees to do more and accomplish larger goals.

The company has 18,990 techies with 12 per cent attrition rate.

The company’s scrip of Rs 10 face value, lost Rs 18.20 per share at the end of Thursday’s trading on the BSE to close at Rs 1,062.55 from Wednesday’s closing rate of Rs1,080.75 and opening price of Rs 1,082.