Mindtree posts 69% increase in its Q1 profits

BANGALORE: Mid-sized software services company Mindtree posted a 69% per cent quarter-on-quarter increase in its first quarter profits, beating market expectations, aided by contract wins and currency gains.

The Bangalore based company, which caters outsourcing services mainly to the manufacturing, banking and financial-services companies, said its revenue during the April - June quarter grew 4.1% to $117.7 million. Mindtree’s net profit stood at $24.6 million.

“We have delivered 15 consecutive quarters of revenue growth. This quarter's performance continues the trend and has been encouraging both from a revenue and profitability perspective,” Krishnakumar Natarajan, chief executive officer said in a statement.

Mindtree earnings come a week after India’s second largest IT provider Infosys posted better-than-expected earnings for the April - June quarter. Software industry body Nasscom expects exports to grow 12-14% in the year to March 2014.