Software major Mindtree Limited posts 16.6 percent growth in Q3

January 19th, 2009 - 7:27 pm ICT by ANI  

Bangalore, Jan.19 (ANI): Global IT company Mindtree Limited announced its results today for the third quarter ended December 31, 2008 as approved by its Board of Directors.
The company announced that its software revenues had grown by 16.6 percent Quarter over Quarter (QoQ) and 93.4 percent Year over Year (YoY) to Rs 3,638 Million.
In rupee terms, EBITDA for the quarter was 30.5 percent against 27.8 percent in Q2 2008-09 and 16.8 percent in Q3 2007-08. This reflects a QoQ growth of 28 percent and a YoY growth of 251.6 percent, a company statement said.
In rupee terms, MindTrees IT Services revenues grew by 7.7 percent QoQ and 50.6 percent YoY. R and D Services posted a growth of 10 percent QoQ and 34.6 percent YoY.
During the quarter, 22 new customers were added taking the active customer base to 260. MindTree now has 60 one million dollar plus, 13 five million dollar plus and three ten million dollar plus customers, besides 41 Fortune 500 accounts.
The other Q3 highlights include MindTree winning the National Award for Excellence in Corporate Governance for 2007-08, getting the Asian Most Admired Knowledge Enterprise (MAKE) Award for 2008, instituted by Teleos in association with The Know Network and being declared a winner of the India MAKE Award for 2008.
The company added 299 people on a gross basis during Q3, taking our total people strength to 5,826 as of December 31, 2008.
The company has revised its revenue guidance for the current year to 223-225 million dollars, indicating a growth of 22.1-23.2 percent over the previous year.
Speaking about the results, MindTree Chief Executive Officer Krishnakumar Natarajan said, In the backdrop of a global softness in demand, we are satisfied with our results this quarter. We are well equipped to meet the challenges posed by the current economic situation. We will continue to invest in strategic initiatives which improve our competitive positioning. (ANI)

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