Mindtree Reports Strong Revenue Growth of 6.4% Q-o-Q, in Dollar Terms

BANGALORE, India and WARREN, N.J., July 17, 2014 /PRNewswire/ — Mindtree, a global information technology services company, announced its results today for the first quarter ended June 30, 2014, as approved by its Board of Directors.

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Key financial highlights:  

  • In USD terms:
    • Revenue at $141.3 million (growth of 6.4% q-o-q / 20.1% y-o-y)
    • Net profit at $21.7 million (growth of 36.7% q-o-q / decline* of 11.9% y-o-y)
  • In Rupee terms:
    • Revenue at INR 8,435 million (growth of 2.4% q-o-q / 30.2% y-o-y)
    • Net profit at INR 1,294 million (growth of 31.5% q-o-q / decline* of 4.4% y-o-y)

*Due to large forex gain in Q1 of FY2013-14 as a result of the market swing during that quarter

Other highlights:  

  • Clients:
    • 206 active clients as of June 30, 2014    
    • $5 million clients grow to 26; $1 million clients grow to 75
  • Employees:
    • 12,845 employees as of June 30, 2014
    • Added 516 employees during the quarter on a gross basis
    • Trailing 12 months attrition is at 14.2%
  • Multi-year and multi-million dollar wins with leading global clients:
    • One of the world’s largest broadcasting companies: Mindtree will provide digital and testing services for this existing client 
    • Leading food manufacturing company: Mindtree is the global digital marketing partner for all of its digital properties
    • Leading pediatric nutrition company: Mindtree is the lead digital marketing developer for its global web platform project
    • Leading Semiconductor company:  Mindtree is a "Preferred Supplier" for its managed services
  • Awards and Recognition:
    • Scott Staples, President, Sales was recognized as the Regional Entrepreneur of the Year by Ernst & Young. Among a field of outstanding competitors, Scott was honored for his dedication, brilliance, courage and leadership
    • Mindtree ranked #33 in the Global Outsourcing 100 List by IAOP. Mindtree is among the top list climbers and is among the Top 20 leaders in Retail & Consumer Goods,  Financial Services (Insurance), Technology (Hardware & Software), Information/Communication Technology Services