Mindtree Reports Revenue Growth of 2% q-o-q / 29% y-o-y in Dollar Terms

BANGALORE and WARREN, New Jersey, July 18, 2016 /PRNewswire/ --

Mindtree, a global technology services company, announced its consolidated results today for the first quarter ended June 30, 2016, as approved by its Board of Directors.

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"The ongoing market transitions to everything-as-a-service, bundled managed services and digital transformation is right in our sweet spot," said Rostow Ravanan, CEO & Managing Director, Mindtree. "While the global environment poses some short term challenges, we remain confident that our investments are on the right track to accelerate growth for our clients and Mindtree."

Key financial highlights:  

Quarter ended June 30, 2016  

• In USD terms:
  • Revenue at $199 million (growth of 2% q-o-q / 29% y-o-y).
  • Net profit at $18.5 million (decline of 5.8% q-o-q / 8.7% y-o-y)
• In Rupee terms:
  • Revenue at ₹ 13,276 million (growth of 0.6% q-o-q / 35.8% y-o-y)
  • Net profit at ₹ 1,235 million (decline of 7.2% q-o-q / 3.8% y-o-y)

The financial results above are in accordance with Ind AS for the quarter ended June 30, 2016. Accordingly the figures for previous periods have been restated in accordance with Ind AS.   

Other highlights:   

• Clients:
  • 343 active clients as of June 30, 2016
  • $10 million clients grow by one to 16
• People:
  • 16,110 Mindtree Minds as of June 30, 2016
  • Trailing 12 months attrition is 16.5%

• Key wins with leading global clients

    - World leader in computer software and technology. For this existing client, Mindtree will provide managed services for multiple applications
    - A leading business school. For this existing client, Mindtree will be the strategic partner for Salesforce initiatives in enterprise IT and online learning
    - A global technology leader in automotive manufacturing. Mindtree will provide Digital services for implementation of rental management system

• Awards and recognition:

    - Positioned as a leader for digital services in 'Zinnov's Zone for Digital Services'
    - Magnet 360, a Mindtree Company, awarded the Salesforce Marketing Cloud Innovation Award for 2016
    - Recognized as a Leader in IAOP's 2016 Global Outsourcing 100 for global excellence
    - Ranked #3 under the categories 'Best CEO, IR Professional, IR program, Analyst Days, Website' in the IT sector and recognized as one of the 'Most Honoured Companies' in the All - Asia (ex-Japan) Executive Team rankings     by Institutional Investor

About Mindtree  

Mindtree [NSE: MINDTREE] delivers digital transformation and technology services from ideation to execution, enabling Global 2000 clients to outperform the competition. "Born digital," Mindtree takes an agile, collaborative approach to creating customized solutions across the digital value chain. At the same time, our deep expertise in infrastructure and applications management helps optimize your IT into a strategic asset. Whether you need to differentiate your company, reinvent business functions or accelerate revenue growth, we can get you there. Visit http://www.mindtree.com to learn more.

Safe harbour  

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.  

Visit us at http://www.mindtree.com. For more information, contact:

INDIA
Priyanka Waghre
Mindtree
+91 98867 29295
Priyanka.Waghre@mindtree.com

UNITED STATES
Andrea Dunbeck
Matter Communications
978-518-4555
adunbeck@matternow.com

EUROPE
Neha Kathuria
Mindtree
+44-7553-410341
Neha.Kathuria@mindtree.com