Mindtree net dips 10 percent on forex loss

Global IT consulting services firm Mindtree Ltd. Thursday reported Rs.89 crore net profit for the third quarter (Oct-Dec) of this fiscal (2013-14), posting a decline of 10 percent year-on-year (YoY) and 32 percent lower sequentially from the second quarter.

Revenue, however, increased 34 percent YoY to Rs.791 crore, which is 2.7 percent up sequentially.

In dollar terms, net income declined 23 percent YoY to $14 million, while revenue grew 34 percent YoY to $127 million.

"We are seeing good business momentum and traction with clients. Our strong deal pipeline, improved client metrics, global right-sourcing delivery model and ability to attract talent demonstrate our confidence for a promising future," Mindtree chief executive Krishnakumar Natarajan said in a statement here.

Mindtree plans to invest in technology-led solutions as clients are responding to it by making the company a part of their strategic initiatives.

The company had 208 active clients by quarter-end, including six $20 million accounts, 13 $10 million accounts and 22 $5 million accounts at the quarter-end.

With addition of 397 techies, headcount increased to 12,992 people as attrition declined to 12 percent from 15 percent a year ago.