INSUBCONTINENT EXCLUSIVE:
Mindtree took a knock of more than 7 per cent on Thursday morning on dull earnings
The IT firm posted 13.17 per cent drop in net profit sequentially at Rs 158.20 crore for the quarter to June
The figure stood at Rs 182.20 crore in the March quarter.
Bottom line surged 30 per cent on a year-on-year basis
The company had reported a net profit of Rs 121.70 crore in the same quarter last year.
Revenue from operations increased 12 per cent on a
QoQ basis and 27 per cent YoY in Q1 FY19.
In dollar terms, net income grew 24 per cent annually, but declined 17 per cent QoQ to $23.3
Revenue grew 21 per cent annually but declined 6.8 per cent quarterly to $242 million.
"Automation is playing a significant role in
modernising our technology service delivery, enhancing both efficiency and speed-to-results for our clients," said the company in the
statement.
The company has 406 'bots' or software application, running automated tasks over the internet and performing tasks that are
simple and repetitive at a much higher rate than humans
These are deployed to work autonomously and enable its employees to do more and accomplish larger goals.
The company has 18,990 technical
professionals with 12 per cent attrition rate.
The stock was 7.43 per cent down at Rs 981.65 at around 9.50 am
a target price of Rs 1,025
IT firm with a target price of Rs 1,170
It believes that strong Q1 performance has set the tone for industry-leading growth in FY19
