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

BANGALORE and WARREN, New Jersey, 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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"Our expertise-led strategy continues to deliver stellar results for our clients and for Mindtree. We are seeing good traction with clients through multi-year, multi-million dollar deals. Apart from strong demand across the traditional service lines, we are now getting picked up as the lead partner for digital by many Fortune 100 customers," said Krishnakumar Natarajan, CEO & Managing Director, Mindtree.

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

About Mindtree   

Mindtree [NSE: MINDTREE; CIN: L72200KA1999PLC025564] delivers technology services and accelerates growth for Global 1000 companies by solving complex business challenges with breakthrough technical innovations. Mindtree specializes in e-commerce, mobility, cloud enablement, digital transformation, business intelligence, data analytics, testing, infrastructure, EAI and ERP solutions. We are among the fastest growing technology firms globally with more than 200 clients and offices in 14 countries.

Safe harbor   

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.   

Please visit us at http://www.mindtree.com.

For more information, contact:

Sweta Mohanty
Mindtree
+91-98865-20141
[email protected]

Siddhartha Tanti
Genesis Burson-Marsteller
+91-99863-62435
[email protected]

Kiran Farooque                        
PPR Worldwide                    
+44(0)207-300 6181                    
[email protected]                

David Barkoe
Max Borges Agency
+1-305-374-4404 x167
[email protected]