MindTree Consulting Q3 net profit up 10%

CORPORATE SCORECARD

Driven by modest growth in both IT and R&D services, IT services company MindTree Consulting has posted a 10.4 per cent growth in net profit to Rs 20.8 crore for the third quarter ended December 31, 2007, as compared with the corresponding period in the previous fiscal year.

The revenues of the company grew 27 per cent to Rs 186.5 crore in the quarter, year-on-year. Sequentially, MindTree saw its net profit dip 23 per cent though the top-line was marginally higher by 2.5 per cent.

MindTree added 23 new clients during the quarter, two of them Fortune 500 companies, taking its client base to 190. The company's headcount crossed the 5,000 mark, up to 5,419 with the addition of 828 people in the quarter.

Based on its performance in the first three quarters, MindTree has revised its revenue guidance to $186 million from about $180 million stated at the beginning of the year.

The company said the profit guidance of $22.6 million given earlier, would remain unchanged as that was based on a rupee exchange rate of Rs 41 a dollar.

Chairman and Managing Director Ashok Soota said, "We continue to see high growth potential for our differentiated and value-added offerings. Our customer experience survey conducted during the quarter reiterates the high levels of customer satisfaction."