MindTree Q3 net slips 43% at Rs 30 cr

IT and product engineering services firm MindTree today said its net profit has declined by 43.27 per cent at Rs 30.5 crore for the quarter ended December 31, 2010.

This is against a net profit of Rs 53.77 crore for the same period in the previous fiscal, MindTree said in a filing to the Bombay Stock Exchange (BSE).

However, revenues for the reported quarter was up 15.94 per cent at Rs 384.76 crore from 331.85 crore in Q3 FY10.

"Our IT services business continues to show good growth momentum with a 7.6 per cent q-o-q growth. We are also beginning to see a growth trend in Product Engineering Services."

"Coupled with the growth potential of a few of our newer clients, these are all good signs as we enter FY12," MindTree CEO and MD Krishnakumar Natarajan said.

As on December 31, 2010, MindTree had 269 active customers.

The results include the financials of MindTree Wireless business, which was amalgamated into the company with effect from April 1, 2010.

MindTree added 1,021 people on a gross basis during Q3, taking its total headcount to 9,671 by December-end.

Shares of the company closed at Rs 536 a piece, up 2.41 per cent from the previous close on the BSE.