MindTree's profit up 29% in first quarter FY13

MindTree announced first quarter FY13 results showing growth of 28.6% q-o-q and 157.2% y-o-y in net profits. Net Profit stood at `890 million. The company clocked Rs `5,630 million in revenue showing a growth of 7.1% q-o-q and 36.3% y-o-y.

The global demand environment continues to be challenging as customers are cautious in their IT spending. Our margins have shown consistent improvement over the last 4 quarters and we will continue to focus on operational efficiencies as we move forward. Given the great progress we have made, we are embarking on multiple initiatives to enhance our competitiveness, that will elevate us to the next level said Krishnakumar Natarajan, CEO & Managing Director, MindTree.

MindTree added 272 people on a gross basis during Q1 FY2013, taking its total strength to 10,830 as of June 30, 2012.

Few key client wins included a large European travel and transportation company to which MindTree will provide services in the area of e-commerce platforms for this existing client; MindTree has been chosen as application development partner for a large US bank etc.