MindTree posts Rs16 crore consolidated net profit for Q1

Global IT solutions firm MindTree yesterday posted Rs16 crore in consolidated net profit for the first quarter (April-June) of this fiscal (2010-11), a sharp 72 per cent fall from the sanme period of previous fiscal (2009-10), as per the Indian accounting standard.

According to the Bangalore-based firm's regulatory filing, however, its consolidated revenue was up 14 per cent year-on-year (YoY) to Rs349 crore in rupee terms.

In dollar terms, consolidated net income fell 70 per cent YoY to $3.5 million though revenue was up 24 per cent YoY to $77 million.

Sequentially too, consolidated net profit was down 71 per cent YoY even though revenue grew 1.3 per cent YoY in rupee terms from previous quarter (Jan-April) of last fiscal (FY 2010).

In dollar terms, net dropped 70 per cent YoY even while revenue grew 24 per cent YoY.

On standalone basis, while net profit was down 24 per cent YoY at Rs42 crore, revenue was up 14 per cent YoY at Rs329 crore in rupee terms while in dollar terms, net income fell 20 per cent YoY to $9.3 million but revenue was up 17 per cent YoY at $73 million.