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Mindtree net up 63 percent in Q3

Source : IANS
Last Updated: Fri, Jan 18, 2013 15:30 hrs

Bangalore, Jan 18 (IANS) Global IT solutions firm Mindtree Ltd reported Rs.99 crore net profit for third quarter of fiscal 2012-13, registering a whopping 63 percent year-on-year (YoY) growth from Rs.61 crore in the same quarter last year and 37 percent sequentially from Rs.72 crore in second quarter.

In a regulatory filing Friday, the city-based company said revenue, however, grew 14 percent YoY to Rs.590 crore for the quarter under review (Q3) from Rs.520 crore in same quarter last year and one percent less sequentially from Rs.596 crore in the second quarter.

As per the International Financial Reporting Standard (IFRS), net income for the quarter grew 52 percent YoY and 43 percent sequentially to $18.4 million and revenue six percent YoY and 2.5 percent sequentially to $110 million.

"Our revenue growth has been satisfactory despite a seasonally weak quarter. Efforts to reposition and strengthen our business continue to yield good results, as can be seen in strong profitability improvements.

"Our expertise-led positioning is helping us develop deeper customer relationships and deliver transformative changes for existing and new customers," Mindtree chief executive Krishnakumar Natarajan said in a statement here.

The company has 245 active customers by December-end, with nine $10-million customers and 21 $5-million customers.

With a net addition of 443 employees during the quarter, the total headcount has increased to 10,952 by December-end.



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