IT and product engineering services company MindTree announced on Monday that it earned revenues of $105.50 million during the first quarter ending June 30, an increase of 14 per cent over the previous year. Rupee-denominated revenues (Rs. 563 crores) grew by a healthier 36 per cent, buoyed by the sharp slide of the rupee during the quarter.

IT services continued to remain MindTree’s mainstay, its share in overall revenues increasing to 69 per cent at the end of the last quarter, from 64 per cent a year earlier. Product engineering accounted for 31 per cent of overall revenues at the end of the quarter ending June 30.

The company made a net profit of $16.7 million (Rs. 89 crores in rupee terms), an increase of 116 per cent in annualised terms. Krishnakumar Natarajan, CEO & Managing Director, MindTree, said the company hoped to achieve the targeted revenue growth in the current year. Mr. Natarajan said although global demand “continues to be challenging,” MindTree had achieved “consistent improvement” in its margins in the last four quarters. He said the company had launched “multiple initiatives” to enhance its competitiveness. The firm had a workforce of 10,830 persons at the end of the quarter; there were 230 gross additions during the period.

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