Mindtree reports net profit of 4.9 per cent for September quarter

NEW DELHI: Technology services company Mindtree reported a 4.9 per cent increase in net profit for the quarter ended September 30 and said revenue growth is expected to exceed industry lobby Nasscom’s estimate of 13-15 per cent in this financial year.

Profit rose to $22.74 million from the preceding quarter, the Bangalore-based company said in a release. Revenue increased 4.1 per cent sequentially to $147.05 million, almost in line with street expectations.

"Our deep expertise in digital and infrastructure services has led to continued opportunities to help our clients differentiate their business. Our strategy of becoming a leader in digital solutions is continuing to bear fruit and has contributed to another strong growth quarter for Mindtree," said Krishnakumar Natarajan, CEO and Managing Director of Mindtree.

The company said it added eight clients during the quarter, taking the total of active clients to 200. Mindtree signed orders worth $165 million in the second quarter, of which renewals were $102 million, Natarajan said. Growth in the October-December quarter would be marginal due to slower ramp-ups.