MindTree net zooms 135 percent in second quarter
October 17th, 2011 - 8:35 pm ICT by IANSBangalore, Oct 17 (IANS) Global IT & product engineering services firm MindTree Ltd posted consolidated net profit of Rs.55 crore for the second quarter (July-September) of this fiscal (2011-12), registering a whopping 135 percent increase year-on-year (YoY) and 58 percent sequentially (quarter-on-quarter).
In a regulator filing Monday, the Bangalore-based firm said the consolidated revenue for the quarter under review (Q2) grew 19 percent YoY to Rs.457 crore, which is 11 percent up sequentially.
Under the International Financial Regulatory System (IFRS), net income shot up 142 percent YoY to $12 million and revenue 23 percent YoY to $101 million. Sequentially, net is up 57 percent and revenue 10 percent higher than the previous/first quarter (April-June) of this fiscal (FY 2012).
“In the sixth year of operations, we became the fastest Indian IT services company to cross $100-million in annual revenue and added over 10,000 people during the quarter,” MindTree chief executive K. Natarajan said in a statement here.
The company has 270 active clients, including 43 global Fortune 500 firms. Number of $5-million customers has increased over five fold to 17 from three year ago and $1-million customers to a whopping 72 from five year ago.
“Q2 has been a stellar quarter on all fronts, with a robust sequential revenue growth of 10 percent. Margins were also improved through operational excellence initiatives and we see this trend continuing,” Natarajan said.
The company also added 1,478 software professionals on a gross basis, taking the total number of employees to 10,580 by the quarter-end (Sept 30).
“We believe that our ability to re-invent towards being an expertise-led organisation will take us to our next target of $1 billion in revenues,” Natarajan added.
The company declared an interim dividend of 25 percent or Rs.2.50 per equity share of Rs.10 par value, which includes a special dividend of one percent per share on the occasion of crossing $100-million in revenue and over 10,000 people during the quarter.
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Tags: consolidated revenue, crore, engineering services, equity share, financial regulatory system, fortune 500, global fortune, gross basis, interim dividend, mindtree, natarajan, net profit, operational excellence, par value, product engineering, q2, sequential revenue growth, software professionals, target, yoy