MindTree, IT solutions and product engineering services company, has reported a 31.10 percent rise in profit for the quarter ended Mar. 31, 2015. The company has earned Rs. 1,287 million, or Rs. 15.32 a share in the quarter, compared with Rs. 982 million, or Rs. 11.71 a share for the same period last year. However, on sequential basis, net income declined 8.60 percent from Rs 1,408 million for the December quarter.

Revenue during the quarter grew 11.50 percent to Rs. 9,181 million from Rs. 8,237 million in the previous year period. On sequential basis, revenue increased marginally by 0.70 percent from Rs 9117 million for the previous quarter.

Total expenses were 83.76 percent of quarterly revenues, up from 81.22 percent for the same period last year. This has led to a contraction of 254 basis points in operating margin to 16.24 percent.

Operating income for the quarter was Rs. 1,491 million, compared with an operating income of Rs. 1,547 million in the previous year period.

The company has 217 active clients at the end of March quarter. Clients in $10 million bracket increased to 14, while $5 million clients grew to 28.

It has added 1,517 employees during the quarter on a gross basis, taking total strength to 14,202 employees. Attrition rate for the trailing 12 months was at 18.20 percent.

Shares of the company declined Rs 36.9, or 2.58%, to settle at Rs 1,391.25. The total volume of shares traded was 37,014 at the BSE (Thursday).