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MindTree’s Q2 revenues grows 40.6 per cent

Posted by Yogesh on Tuesday, 21 October, 2008

BANGALORE: MindTree Limited, a global IT and R and D Service company on Monday said that the company’s profit after tax grew by 34.8 percent year-on-year to Rs 366 million.

Software revenues increased by 14.4 per cent in quarter-on-quarter and 40.6 per cent year-on-year, the company said while announcing its results for quarter ended September 2008.

MindTree’s IT services revenues grew by 10.1 per cent quarter on quarter and 35.4 percent year-on-year. R and D servies posted growth of 5.7 percent quarter on quarter and 22.8 percent year on year, a release said.

EBITDA for the quarter was 27.9 percent against 21 per cent in quarter one of 2008-09 and 16.2 percent in quarter two of 2007-08.This reflects a growth of quarter on quarter growth of 52.6 percent and year on year growth of 142 per cent.

The board has recommended an interim dividend of Re one per share. The company has maintained its revenue guidance for the current year at dollar 228-238 million. Twenty two new customers were added during the quarter, bringing the current active customer base to 206.

MindTree has established an office in France and has planned expansion into Mexico to service large customers in the US and Latin America, the statement said.

Speaking about the results, the company CEO Krishnakumar Natarajan said, “We have posted strong results in the second quarter despite the tough and challenging scenario that is gripping the world economy”.

“The integration of Aztecsoft has had positive impact on some deals we have won in recent months”, he said. Source The Economic Times

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