Mindtree net profit jumps 36.7% to $21.7 million in Q1

BANGALORE: Mindtree trumped street expectations with solid first quarter results and said it expects to top industry lobby Nasscom's guidance of 13-15% for fiscal year 2015.

Revenue at the Bangalore based IT company grew 6% sequentially to $141.3 million while net profit jumped 36.7% over the previous quarter to $21.7 million.

"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 and managing director.

However, the company did sound a word of caution on the growth for the July-September quarter saying the growth would be marginally lower than the quarter ended June as it does not "anticipate strong IP revenue growth."

"All our service lines continue to see good growth rates. US is seeing a very strong demand. And I'm confident that fiscal year 2015 will be better than fiscal year 2014," said Natarajan.

Although the company's attrition rate inched up to 14.2% from the earlier quarter when it was 12.7%, Mindtree expects this to stabilise in the coming months.