MindTree Q3 net doubles to Rs 61 cr

Software services firm MindTree today reported an almost two-fold jump in its consolidated net profit to Rs 60.6 crore for the quarter ended December 31, 2011.

The company had reported a net profit of Rs 30.5 crore for the same period in the 2010-11 financial year.

Revenue of the company grew by 35% to Rs 519.7 crore during the reporting quarter from Rs 384.8 crore in the same period a year ago.

"Inspite of Q3 being a seasonally weak quarter, we have seen significant improvement in margins mainly due to the rupee depreciation and also a marginal increase due to our continued focus toward operational excellence initiatives," MindTree CEO and Managing Director Krishnakumar Natarajan said in a statement.

He added that the global economic situation continues to be challenging and the company needs to constantly monitor this and be prepared.

Without disclosing the names of its clients, MindTree said it won business deals from a global hotel chain, automobile company, manufacturing company and a technology-based solutions provider for the ophthalmic industry during the quarter, the statement said.

The company added a total 846 people during the quarter, taking its total people strength to 10,934. MindTree did not disclose net employee additions during the reporting quarter.

Shares of the company closed at Rs 449.35 on the BSE today, up by 1.55% vis-a-vis their previous close.