Mindtree crosses $500-million revenue mark

For FY14, the company recorded revenue of Rs 3,032 cr ($501.5 mn), up 28% from FY13

Mindtree, a mid-sized information technology (IT) services company, saw revenue exceed $500 million (Rs 3,000 crore) in FY14, the 15th year of the company’s operations.

The city-based company was the fastest Indian IT services firm to record $100 million in revenue. During its initial years, it had targeted revenue of $1 billion by 2014.

For FY14, the company recorded revenue of Rs 3,032 crore ($501.5 million), up 28 per cent from FY13; net profit rose 33 per cent to Rs 451 crore. In the year, growth was supported by the banking, financial services and insurance (BFSI), retail, and hi-tech segments, while the travel vertical remained flat because of a client-specific concern in Europe.

For the quarter ended March, Mindtree posted a 24.5 per cent year-on-year growth in net profit at Rs 98 crore, while revenue increased 34.5 per cent to Rs 824 crore. Sequentially, net profit and revenue rose 11 per cent and four per cent, respectively.

In the quarter, the company recorded a foreign exchange loss of $6.9 million (Rs 41.6 crore). The operating profit margin rose 200 basis points quarter-on-quarter to 21.9 per cent, owing to improved revenue and other operational metrics.