MindTree posts Rs 13 cr loss due to Forex loss
The Bangalore-headquartered company said in a statement that the sudden depreciation of the rupee resulted in a provision of $12 million on the company's outstanding derivative instruments which resulted in the net loss during the quarter.
The company was expecting this provision to reverse during subsequent quarters.
When compared with the previous quarter (quarter ended 31 March, 2008), the company's revenue went up 9.3 per cent. MindTree had recorded a profit of Rs 35.6 crore in the previous quarter.
The company added 20 new customers during the quarter taking the total number of active customers to 196 including 37 Fortune 500 companies. The wins include a 3 year framework agreement with ArcelorMittal to deliver IT services to the company's Western European operations which is estimated to be in the annual revenue run rate of more than $10 million. MindTree now has two $10 million plus customers and eight $5 million customers.
Krishnakumar Natarajan, CEO of MindTree said, "We are pleased that even in the current uncertain global economic conditions, we have managed to show impressive revenue growth. We continue to see good traction for both IT and R&D services businesses, and are confident of achieving our revenue and profit guidance for the year."
The company given a guidance to achieve a revenue of $228-238 million with a net profit of $31.7 to $33.1 million for FY09.