Jul 19, 2013 03:17 PM IST | Source:

Mindtree Q1 net profit jumps 52% YoY at Rs 135 cr

The company's earnings were boosted by forex gain of near Rs 62 crore in April-June and its other income was also higher at Rs 12 crore.

Moneycontrol Bureau

Mid-tier software services exporter Mindtree reported a better-than-expected 52 percent year-on-year (72 percent quarter-on-quarter) jump in its first quarter net profit at Rs 135 crore, helped by new deal wins and foreign exchange gains.

Revenue for the April-June quarter was up 15 percent from a year ago (6 percent sequentially) to Rs 648 crore, the Bangalore-based company said on Thursday.

Analysts on average had expected the company to report a net profit of Rs 100.5 crore, on revenue of Rs 636 crore, according to a CNBC-TV18 poll.

In US Dollar terms, Mindtree's revenue rose 12 percent year-on-year (4 percent sequentially) to USD 118 million.

The sharp depreciation in the Rupee, boosted the company's earnings. It had a forex gain of near Rs 62 crore in April-June, compared with a gain of Rs 9 crore in the year ago quarter and 15 crore forex loss in Jan-March.

Its other income was also higher at Rs 12 crore, compared with Rs 5 crore, a year ago.

Mindtree's profit from operations, excluding the other income, forex gains and interest was flattish at Rs 101 crore.

As of June 30, Mindtree said it had 222 active customers and its USD 10 million customers grew to 10.

On a gross basis, Mindtree added 1,057 employees, and had 12,239 employees, as of June 30.

Mindtree shares closed up 0.8 percent at Rs 914.25 on NSE. The results were announced after markets closed.

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