MindTree Q1 revenues up 37.6 p.c.

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MindTree Q1 revenues up 37.6 p.c.

The company reports net loss of Rs 12.96 crore for the quarter

Wednesday, July 16, 2008

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BANGALORE, INDIA: MindTree Ltd has posted total revenues of Rs 222.21 crore for the first quarter ended June 30, 2008.

The revenues grew by 9 per cent over last quarter and 37.6 per cent over the corresponding quarter in the previous year.

The company has reported a net loss of Rs 12.96 crore for the quarter. For the year 2007-08, the company had posted a net profit of Rs 104.19 crore.

The company in a statement said that due to sudden depreciation of the rupee resulted in a provision of $12 million on MindTree's outstanding derivatives instruments. Consequently, the company has reported a loss of $3.2 million for the quarter. MindTree expects this provision to reverse during subsequent quarters.

During the quarter, MindTree announced its intention to acquire Aztecsoft Ltd. MindTree expects to complete the open offer process by the end of July and Aztecsoft will thereafter become a subsidiary of MindTree.

During the quarter, 20 new customers were added, bringing the current active customer base to 196, including 37 Global Fortune 500 companies.

During the quarter, MindTree signed a multi-year framework agreement with ArcelorMittal to deliver IT Services to ArcelorMittal's Western European operations.

The company added 377 people on a gross basis during Q1, taking its total people strength to 5,716 as of June 30, 2008. Attrition on a trailing 12-month period was 16.3 per cent as compared to 15.8 per cent in Q4 2007-08.

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