Post Ashok Soota, Mindtree grows 135%

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Post Ashok Soota, Mindtree grows 135%
The IT company Mindtree, hinting at its revival in its profit, gained 135% growth Year-on-Year (YoY) in its Net Profit for the second quarter ended on September 30.

Mindtree, during the post Ashok Soota era, showed 58% growth on quarterly basis. Mr Soota was the co-founder and quit from the company just six months back. Creating history, the company bagged revenues of $ 100 million in a single quarter.

The company's net profit stood at Rs 54.5 crore for the quarter ended September 30.

The net revenues of the company grew by 18.8% on yearly basis and 10.6% on quarterly basis to Rs 456.7 crore.

Mindtree has entered into the sixth year of its operations, where it has crossed $100 million in annual revenues.

Commenting on the results, Mindtree's present CEO and Managing Director, Krishnakumar Natarajan said, “We are grateful and energized with this milestone. In the past, we have delivered great value to our customers through passionate, committed people. We realized that this relentless focus is the key for success in the years ahead. Our ability to re-invent ourselves towards being an expertise-led organization will take us to our next target of $1 billion in revenues.”

“Second quarter has been a stellar quarter on all fronts. We saw a robust revenue growth of 9.5% QoQ with both our businesses reporting excellent growth,” he added.

Ashok Soota who was the co-founder and executive chairman of Mindtree, stepped down from the company in late January 2011 and started his new IT venture “Happiest Minds Technologies Private Limited" in April 2011.

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