SOURCE: MindTree Limited

Mindtree Limited

October 16, 2013 09:04 ET

Mindtree Reports Revenue Growth of 5.4% Q-o-Q and 15.6% Y-o-Y in Dollar Terms

WARREN, NJ and BANGALORE, INDIA--(Marketwired - Oct 16, 2013) - Mindtree Limited (NSE: MINDTREE), a global information technology solutions company, announced its results today for the second quarter ended September 30, 2013, as approved by its Board of Directors.

"The relentless execution of our new strategies has delivered two consecutive quarters of strong revenue growth this year. We continue to invest in expertise-led solutions and attracting top quality industry talent. This drives positive business outcomes for our customers while achieving sustainable growth," said Krishnakumar Natarajan, CEO & Managing Director, Mindtree.

Key financial highlights:

  • In USD terms:
    • Revenue at $124 million (growth of 5.4% q-o-q / 15.6% y-o-y)
    • Net profit at $20.7 million (decline of 15.7%* q-o-q / increase of 61.2% y-o-y)
  • In Rupee terms:
    • Revenue at ` 7,696 million (growth of 18.8% q-o-q / 29.1% y-o-y)
    • Net profit at ` 1,287 million (decline of 4.9%* q-o-q / increase of 77.8% y-o-y)

* Due to higher forex gain in the first quarter

Other highlights:

  • Customers:
    • 220 active customers as of September 30, 2013
    • $5 million customers grow to 21
  • Employees:
    • 12,941 employees as of September 30, 2013
    • Added 1,122 employees during the quarter on a gross basis
  • Others:
    • Mindtree was selected by Forbes as one of the "Best Under A Billion" companies in the August issue of Forbes Asia 2013.
    • Mindtree recently won a Gold rating, the highest honor bestowed in each category of the 5th Annual Golden Bridge Awards. Mindtree was honored in the category of Company Growth of the Year (new products, new offices, new employees).
    • Mindtree was selected by Microsoft as a Windows Azure Circle partner.
    • Mindtree was ranked among the top global product engineering service providers by Zinnov research and analysis.
  • Dividend announcement:
    • The Board of Directors, at its meeting held on October 16, 2013, recommended an interim dividend of 50% (` 5 per equity share of par value `10 each) for the six months ended September 30, 2013.

About Mindtree
Mindtree is a global information technology solutions company with revenues of over USD 435 million. Our experts are driven to engineer meaningful technology solutions to help businesses and societies flourish.

Mindtree's consulting-driven approach makes us a strategic partner to many Fortune 500 enterprises. Our domain expertise, unique culture and technical excellence help businesses thrive and be future-ready. We enable our customers to achieve competitive advantage through flexible and next generation global delivery models, agile methodologies and expert frameworks.

Mindtree's ability to devise solutions is equally matched by our ability to execute them. Our differentiation stems from a unique balance of human perspective with deep strategic thinking.

Our values -- collaborative spirit, unrelenting dedication and expert thinking help us see possibilities where others see a full stop.

Welcome to possible.

Safe harbor
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

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Contact Information

  • For more information, contact:

    Sweta Mohanty
    Mindtree Limited
    +91 98865 20141
    Email Contact

    Joanne Hogue
    Smart Connections PR
    Email Contact