Mindtree, a global technology services and Digital transformation company, guiding it’s clients to achieve faster business outcomes, announced its consolidated results today for the first quarter ended June 30, 2019 as approved by its board of directors.
Joint statement by Rostow Ravanan, MD & CEO and Pradip Menon, CFO on Mindtree’s Q1 FY20 earnings – Watch here
“We have delivered stable results in the face of many uncertainties, reflecting the unique strengths of Mindtree,” said Rostow Ravanan, CEO & Managing Director, Mindtree. “This quarter saw us achieve an all-time high contract closures which sets the pace for the rest of the year. While the external factors pose some challenges, nonetheless our focused strategy and strong client relationships
make us confident of delivering above Industry growth rates in FY 20 as well.”
Key financial highlights:
Quarter ended June 30, 2019
— In USD:
– Revenue at $264.2 million (growth of 0.8% q-o-q / 9.4% y-o-y)
Constant Currency growth of 1.1% q-o-q / 10.3% y-o-y
– Net profit at $13.4 million (decline of 52.7% q-o-q/ 42.7% y-o-y)
— In INR:
– Revenue at INR 18,342 million (decline of 0.3% q-o-q / growth of 11.9%
y-o-y)
– Net profit at INR 927 million (decline of 53.3% q-o-q / 41.4% y-o-y)
Other highlights:
— Clients:
– 346 active clients as of June 30, 2019
– $5 million clients grow by 1, total of 46
— People:
– 20,935 Mindtree Minds as of June 30, 2019
– Trailing 12 months attrition is 15.1%
— BOTs*:
– Automation is playing a significant role in modernizing our technology
service delivery, enhancing both efficiency and speed-to-results for our
clients. We are proud to report our BOTs strength that autonomously work
along-side our Mindtree Minds, enabling our team to do more and accomplish
larger goals
– We have 674 BOTs employed as of June 30, 2019
*Software that acts autonomously, free from any interference, human or
otherwise, to perform a significant task which will otherwise be performed by a
human
— Multi-year and multi-million dollar wins with leading global clients:
New Clients:
– Mindtree signed a new contract with a leading Retail player in Consumer
Electronics & Wireless Services to provide Scalable end to end managed
services and drive Automation & Self Service ticketing
– Mindtree will be supporting to manage the Global key enterprise
applications
for a German automotive manufacturing company
– For a leading Insurance provider in North America, Mindtree will be
managing their Policy & Billing platform implementation in Agile
environment
Existing Clients:
– Mindtree will provide Network Engineering & Operations on Azure platform
for an existing Global leader in computer software and technology
– Mindtree will be providing Application Development Services in Data &
Personalization initiatives for an existing leading player in Hospitality
industry of North America
— Recognition:
– Mindtree received ‘Best Compliance Framework of the Year’ at the Compliance
Leadership Summit & Awards 2019, hosted by UBS Forums
– Magnet360, the Mindtree Salesforce practice, has been named a Leader in the
USA and a Rising Star in Germany in Professional Services for Salesforce
Sales and Service Cloud in the U.S. ISG Provider Lens(TM) 2019 Salesforce
Ecosystem Quadrant Study
– Mindtree has been recognized by Information Services Group (ISG), a leading
global technology research and advisory firm, for its role in two of the
top 25 examples of digital transformation in 2019, as featured in the newly
published ISG book Digital Excellence: 25 Winning Partnerships
— Joint statement by Rostow Ravanan, MD & CEO and Pradip Menon, CFO on
Mindtree’s Q1 FY20 earnings – Watch here [
About Mindtree
Mindtree [NSE: MINDTREE] is a global IT consulting and services company which helps clients across 18 countries achieve business agility, competitive edge, and growth. We harness the power of Continuous Delivery, our digital expertise, industry knowledge, and research in emerging technologies to drive efficiencies and enable business innovation for over 346 clients.
Mindtree is consistently regarded as one of the best places to work. This is a reflection of our entrepreneurial, collaborative and dedicated “Mindtree Minds” who embody the winning culture that defines our commitment to excellence, innovation, and co-creation.