IT solutions vendor Mindtree Ltd saw net profit after tax during the second quarter ended September 30, 2009 increasing 33.8 per cent to Rs 49.88 crore, from Rs 35.13 crore in the corresponding quarter of the previous year.

On a quarter-on-quarter basis, the bottomline declined 12.1 per cent from Rs 56.73 crore in the first quarter of fiscal 2009 ending June.

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In dollar terms, PAT was $10.35 million, indicating growth of 14.8 per cent year-on-year and decrease of 10.4 per cent sequentially. Revenues were $65.3 million, representing year-on-year decline of 9.4 per cent and sequential growth of 5.1 per cent.  

The product engineering services business logged revenues of Rs 142.60 crore from Rs 109.86 crore a year earlier. IT services revenues were stagnant at Rs 172.38 crore.

EBITDA was Rs 65.93 crore, falling 23.9 per cent year-on-year and growing 30.1 per cent quarter-on-quarter.

In early October, MindTree announced its entry into the business of mobile products with the acquisition of Kyocera Wireless India (KWI). The new entity, a 100 per cent subsidiary of MindTree, is now called MindTree Wireless Technologies Pvt. Ltd. This is the 10-year-old Bangalore-based company's seventh acquisiton targeting growth.

"The mobile products business, along with our other businesses, will give a boost to our vision of achieving $1 billion in revenues by 2014,” said MindTree chief executive officer and managing director Krishnakumar Natarajan.

Natarajan said that the company has been witnessing steady improvement in the global economic situation and this has reflected in its financial performance in the recent quarter. MindTree added 24 customers during the quarter.

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