Dear Reader,

MindTree's revised strategy of focusing on fewer segments and delivering significant value has started yielding good results. I am pleased to state that MindTree has posted a strong  revenue growth and a soaring profit after tax this quarter. To summarize the quarter-end results, MindTree's Q1  revenues were $92.53 million, connoting a quarter on quarter growth of 7.3% and a year on year growth of 20.2%. Our product engineering services business has returned to a growth mode contributing 37% of our revenues. Our IT services business continued its stellar performance and posted an impressive 10.7% Q/Q growth contributing 63% of our revenues. On the operational front, our utilization has increased to 72.5%. We have 9,577 MindTree Minds at the end of June 30, 2011. 

In addition, all our growth service lines (Data & Analytic Services, Infrastructure Management and Testing) have shown good growth and exceeded plan revenues. Click here for in-depth information on our financial results.

Some of the significant wins during Q1 are:

• A European headquartered Global leader in the sporting goods industry. MindTree will support a significant part of their IT application portfolio across multiple businesses and technology areas.
• A world leader in the computer and software technology industry. MindTree is their sole outsourcing partner to provide remote support to its cloud computing platforms.
• A leading web services company. MindTree is engaged in a multi-year relationship for services around portal and web products.

In acknowledgment to our revenue performance, MindTree has received some significant industry recognition that validates our strong fundamentals.

• MindTree is ranked 19th in the list of Top 25 Best Employers in India and ranked No.2 among the IT companies by AON Hewitt Best Employers' Survey 2011.
• MindTree is listed among the Top 10 companies in Zinnov Management Consulting's Global R&D Service Providers Rating 2011 for the second straight year. In the survey, which covered geographies such as India, China, Russia and Eastern Europe, MindTree is positioned as the 3rd leading semiconductor R&D service provider.