Mindtree Reports Revenue Growth of 3.0% Q-o-Q / 6.9% Y-o-Y in Dollar terms; Recommends Interim and Special Dividend

BANGALORE and WARREN, New Jersey, October 25, 2017 /PRNewswire/ --

Mindtree, a global digital transformation and technology services company, announced its consolidated results today for the second quarter ended September 30, 2017 as approved by its Board of Directors.

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"Mindtree is on a steady growth trajectory in an evolving marketplace. Our ability to address shifting customer expectations through our innate capabilities in digital as well as traditional services have driven great business outcomes for our clients," said Rostow Ravanan, CEO & Managing Director, Mindtree. "The size and quality of our pipeline continues to grow robustly as a result of our differentiated positioning and strategic choices. We see continued growth momentum ahead and are progressing with a focus on execution excellence."

Key financial highlights: 

Quarter ended September 30, 2017 

- In USD:

• Revenue at $206.2 million (growth of 3.0% q-o-q / 6.9% y-o-y)
• Net profit at $19.3 million (growth of 2.5% q-o-q / 36.8% y-o-y)

- In INR:

• Revenue at ₹ 13,316 million (growth of 3.3% q-o-q / 2.8% y-o-y)
• Net profit at ₹ 1,247 million (growth of 2.5% q-o-q / 31.6% y-o-y)

Other highlights:  

- Clients:

• 327 active clients as of September 30, 2017
• $5 million clients grow by 5 for a total of 38
• $1 million clients grow by 1 for a total of 114

- People:

• 16,910 Mindtree Minds as of September 30, 2017    
• Trailing 12 months attrition is 13%

- Multi-year and multi-million dollar wins with leading global clients:

• Providing Managed Infrastructure, Devops and Cloud Operations for a large technology company
• Providing engineering services to a business unit of a large communications company
• Providing testing services for a major airline in the US
• Providing cloud migration services for a large hospitality company in the US
• Providing Salesforce solution to enhance rider engagement for a global iconic motorcycle brand. This was a joint win with our subsidiary Magnet 360
• Assisting a FTSE Top 20 company and also a long standing client of Bluefin in their business critical financial integration leveraging a global delivery model

- Awards and Recognition:

• Mindtree named as a leader in Continuous Testing Services in the Digital space by Forrester Research Inc
• Mindtree positioned as leader in Application Testing Services by ISG
• Mindtree named as a 'Rising Star' for Application Development Services by ISG

- Announcements

• The Board of Directors at its meeting held on October 25, 2017 have recommended an interim dividend of 20% ( ₹ 2 per equity share of par value ₹ 10 each) and a special dividend of 20% (₹ 2 per equity share of par value ₹ 10 each) on completion of ten years of Initial Public Offering (IPO)
• During the quarter ended September 30, 2017, we received the required regulatory approvals to transfer the business and net assets of our wholly owned subsidiary, Bluefin Solutions Limited, UK ('Bluefin') to the Company

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
Raman Suprajarama
Mindtree
+91-99860-77100
Raman.Suprajarama@mindtree.com

UNITED STATES
Andrea Dunbeck
Matter Communications
+1-978-518-4555
adunbeck@matternow.com

EUROPE
Imogen Nation
Hotwire
+44-20-7608-4675
imogen.nation@hotwirepr.com

SOURCE Mindtree