Mindtree Q3 net up 63% at Rs 98.8 cr

Net profit was at $18.4 million registering a y-o-y growth of 51.9%

Bangalore-based mid-sized IT solutions company Mindtree Ltd reported 63% surge in its net profit for third quarter ended December 31, 2012 at Rs 98.8 crore when compared to the same period last year.

The revenues of the company for Q3 of FY13 stood at Rs 590.1 crore reporting a growth of 13.5% when compared to the corresponding period last year. On a sequential basis the profit witnessed a growth of 36.8% while the revenues witnessed a decline of one%.

In dollar terms the net profit for the third quarter was at $18.4 million registering a y-o-y growth of 51.9% while revenues were at $109.9 million registering a y-o-y growth of 6%.

Commenting on the company’s performance Krishnakumar Natarajan, CEO and Managing Director, Mindtree Limited said, “Our revenue growth has been satisfactory despite a seasonally weak quarter. We are very pleased that our efforts to reposition and strengthen our business continue to yield good results.”

As on December 31, 2012 the company had 245 active customers. Its $5 million customers base increased to 21 from 17 when compared to the previous quarter. The company also added a new $10 million customer to its kitty taking the total number of $10 million customers to 9.

During the October-December quarter the company added 443 employees on a gross basis taking the total employee strength to 10,952 at the end of December 31, 2012.

“Our expertise led positioning is helping us develop deeper customer relationship and deliver transformative changes for existing and new customers,” added Natarajan.