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Mindtree net zooms 65% in second quarter

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Bengaluru, Oct 17 (IANS) IT services firm Mindtree on Wednesday reported Rs 206 crore consolidated net profit for the second quarter of fiscal 2018-19, registering a 65 per cent annual and 30 per cent quarterly growth.

“Consolidated revenue for the quarter under review (Q2) grew 32 per cent annually and 7 per cent quarterly to Rs 1,755 crore,” the city-based firm said in a statement here.

In dollar terms, the net income grew 50 per cent annually and 25 per cent quarterly to $29 million, while gross revenue is up 19.5 per cent annually but up 2 per cent only quarterly to $246 million.

“Our expertise in digital space is delivering competitive advantage to our clients, while fuelling our growth,” said Mindtree’s Chief Executive Rostow Ravanan in the statement.

The company has 484 bots deployed as of September 30 to work autonomously and enable its employees to do more and accomplish larger goals.

A bot is a software application, which runs automated tasks over the internet. They perform tasks that are simple and repetitive at a much higher rate than humans.

“By investing in an ‘automate-everything’ platform-based approach, we are driving larger deals and industry recognition. We have also advanced innovation in reskilling efforts, helping our people to succeed in the modern information economy,” added Ravanan.

The IT consulting services firm added two $10-million clients and five $5 million clients during the quarter, taking their total number to 341.

The company has 19,402 techies, with 13 per cent annual attrition rate.

The board has recommended 30 per cent or Rs 3 interim dividend per share of Rs 10 face value for the first half of this fiscal.

The company’s blue scrip, however, lost Rs 6.25 per share to close at Rs 978.95 at the end of Wednesday’s trading on the BSE as against Tuesday’s price Rs 988.20 after opening at Rs 988 earlier in the day.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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