Mindtree Q3 net down 56%

Mindtree, a global IT and R&D services company, today said its net profit declined by 56 per cent to Rs 8.72 crore during the third quarter ended on December 31, 2008, over the same period last year.

The firm had a net profit of Rs 19.8 crore in the same quarter last year.

Its software revenue grew by 16.6 per cent quarter over quarter during the third quarter and by 93.4 per cent YoY to Rs 363.8 crore.

Announcing the consolidated financial highlights for the third quarter, Mindtree said that in rupee terms, EBITDA (Earning before Interest Tax and Depreciation) for the quarter was 30.5 per cent as against 27.8 per cent in the second quarter of 2008-09.

This reflects a QoQ growth of 28 per cent and a robust YoY growth of 251.6 per cent, it said in a statement here.

In rupee terms, Mindtree's IT services revenue grew by 7.7 per cent QoQ and 50.6 per cent YoY. R&D services posted a growth of 10 per cent QoQ and 34.6 per cent YoY, the company said in a statement here.

During the quarter, 22 new customers were added, taking the active customer base to 260, it said, adding that Mindtree now has 41 Fortune 500 accounts.

The company added 299 people on a gross basis in Q3, taking its total people strength to 5,826 as of Dec 31, 2008.

Mindtree won the national award of excellence in corporate governance for 2007-08 and the Asian Most Admired Knowledge Enterprise (MAKE) award for 2008, it said.

Mindtree was also among the winners of India MAKE award for 2008, the statement said.