Mindtree Q1 net up 7.4%, $ revenue jumps 4.8%, buys 2 cos

"We have a great start to the year, driven by multi-year, multi-million dollar deals and strong contract closures. We have also crossed USD 150 million in revenues in Q1," said Krishnakumar Natarajan, CEO & managing director.

The software services provider has reported a forex gain of Rs 20.2 crore during June quarter against loss of Rs 13 crore in March quarter.

The company said it has 218 active clients as of June 2015 and USD 50 million clients grew to 2. Mindtree, which added 900 employees during the quarter on a gross basis, said trailing 12 months attrition rate was 18.4 percent.

However, operating profit dropped 3.2 percent sequentially to Rs 172.9 crore and margin declined 189 basis points to 17.61 percent due to wage hikes in June quarter.

Additionally, MindTree has acquired 100 percent equity interest in two overseas companies - US-based Relational Solutions and UK-based Bluefin Solutions for USD 10 million and GBP 42.3 million, respectively.

IT solutions provider Relational Solutions offers technology services to the consumer goods industry and Bluefin specialises in SAP HANA solutions.

The company also recommended an interim dividend of Rs 3 per equity share for the quarter ended June 30, 2015.

Posted by Sunil Shankar Matkar