Mindtree net dips quarterly, yearly

Bengaluru: Leading IT firm Mindtree on Monday said its net profit declined for April-June quarter of fiscal 2016-17 sequentially and annually in rupee and dollar value.

“Net profit declined 7.2 per cent sequentially and 3.8 per cent annually to Rs 124 crore from Rs 133 crore quarter ago, and Rs 128 crore in like period year ago,” the city-based company said in a statement here.

In dollar value, net income declined 5.8 per cent quarterly and 8.7 per cent annually to $18.5 million.

Revenue growth, however, was robust in rupee and dollar terms for the quarter under review on annualized basis, at Rs 1,328 crore, up 36 per cent over like period year ago and $199 million, up 29 per cent.

Sequentially, revenue growth was flat (0.6 per cent) in rupee terms and marginally up 2 per cent in dollar terms.

“The market transitions to everything-as-a-service, bundled managed services and digital transformation are right in our sweet spot,” said Mindtree chief executive Rostow Ravanan on the occasion.

Though the global environment poses short-term challenges, the company is confident of its investments being on track to accelerate growth for its clients.

The company has 343 global clients, with 16 of them in $10-million band.

With 16.5 per cent attrition, the company has 16,110 techies till June 30.