Mindtree Q3 Net declines 10.4 pc to Rs 88.5 cr

Mid-sized software services firm Mindtree today reported a 10.4 per cent fall in consolidated net profit at Rs 88.5 crore for the third quarter ended December 31 on account of forex losses.
The Bangalore-headquartered company posted a net profit of Rs 98.8 crore in the year-ago period, it said in a release.
Consolidated revenues of the company rose by 34 per cent to Rs 790.6 crore in the October-December of this fiscal from Rs 590.1 crore in the same quarter of 2012-13 fiscal.
In the July-September quarter, Mindtree has posted a net profit of Rs 128.7 crore and revenues of Rs 769.6 crore.

Commenting on the performance, Mindtree CEO and Managing Director Krishnakumar Natarajan said: "We are seeing good business momentum and traction with our clients.
"Our strong deal pipeline, improved client metrics, proven leadership, global right-sourcing delivery model and ability to attract and retain talent demonstrate our confidence for a promising future."

In US dollar terms, net profits declined by 22.7 per cent to USD 14.2 million, while revenues rose by 15.7 per cent to USD 127.1 million.
Sequentially in US dollars, Mindtree's net profit fell by 31.5 per cent, whereas revenue was up by 2.5 per cent.
On the decline in net profit, Mindtree said: "Due to forex loss in Q3 of FY 2013-14 as against forex gain in Q2 of FY 2013-14 and Q3 of FY 2012-13."

The company's USD 5 million category clients grew to 22, USD 10 million clients to 13 and those in the USD 20 million category to 6, taking its total active clients to 208 as of December 31, 2013.
Mindtree added 397 employees (gross) taking its total headcount to 12,992 as of December 31, 2013.
On the way forward for the firm, Natrajan said: "We will continue to invest in technology-led solutions as our clients are favourably responding to it by making Mindtree a significant part of their strategic initiatives."
Mindtree shares today rose by 1.14 per cent to settle at Rs 1,495.85 apiece from its previous BSE close.