Mindtree has reported a 30 per cent rise in net profit for the first quarter ended June..

Rostow Ravanan, CEO & Managing Director, Mindtree, in the quarterly call laid rest to speculation that the company’s promoters are looking to sell their stake in the company. As per latest data, promoter and promoter group held 13.37 per cent in the company.

The net profit for the June quarter stood at ₹158.2 crore against ₹121.7 crore in the year-ago period.

Mindtree clocked revenues of ₹1,639.5 crore, an increase of 21 per cent when compared to ₹1,289.5 crore it posted in the same period last year.

“On a sequential basis, growth was 12 per cent. As we continue to showcase leadership in digital transformation with our frameworks for automating core run the business operations, our clients are trusting us with larger and more impactful projects,” said Ravanan.

EBIT stood at ₹191crore, down 3.1 per cent QoQ and margins reduced by 182 basis points (1.82 per cent) on a sequential basis to 11.6 per cent. The impact of margins was due to wage hikes in the quarter, which was 7-8 per cent in India and 2-3 per cent for onsite.

The mid-size company also announced that Jagannathan Chakravarthi, CFO has decided to quit the company, after three and half years.

“We expect to have a successor in the next 3 months,” said Ravanan.