IT firm
MindTree on Wednesday posted an over two-fold increase in its net profit at Rs 34.5 crore for the quarter ended June 30, 2011, driven by high operational efficiency and strong deal pipeline.
"We won several marquee clients during the quarter and this is an endorsement of our revised strategy to focus on fewer segments and deliver significant value...
"Our increased focus on operational efficiency and the revenue momentum has helped us offset the impact of the wage revisions during the quarter and enabled us to largely maintain the same EBITDA as the previous quarter," MindTree CEO and MD Krishnakumar Natarajan said in a statement.
MindTree had a net profit of Rs 15.9 crore in the first quarter last fiscal. Revenue for the reported quarter increased 18.46 per cent to Rs 413.1 crore from Rs 348.7 crore in the same period last year.
"Q1 has been a robust quarter in terms of revenue growth and margin performance. Our IT Services business continues its stellar performance and posted a solid 10.7 per cent growth quarter-on-quarter and 41.8 per cent year-on-year," Natarajan said.
"Momentum in both our businesses is expected to continue and we are confident of delivering higher than industry average growth in FY'12," he added.
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