Mindtree Q2 net up 33.8 p.c YoY

BANGALORE, INDIA: IT solutions company Mindtree Ltd today posted a net profit of Rs. 49.88 crore for the second quarter ended September 30, 2009. While this shows a dip of 12.1 per cent quarter over quarter (QoQ), the profit has increased 33.8 per cent compared to the year-ago quarter, when it had reported a profit of Rs. 35.13 crore.

Revenues were Rs. 3,14.98 crore, indicating a growth of 3.4 per cent QoQ and 1 per cent year over year (Y-o-Y).

Mindtree said the revenue form the product engineering services business stood at Rs. 142.60 crore compared to Rs. 109.86 crore a year earlier. IT services revenues were stagnant at Rs. 172.38 crore.

EBITDA was Rs. 65.93 crore, indicating a QoQ growth of 30.1 per cent and a Y-o-Y decrease of 23.9 per cent.

The Board of Directors, at its meeting held today, has recommended an interim dividend of 10 per cent (Re 1 per equity share of par value Rs. 10 each) for the half year ended September 30, 2009, a press release.

Early this month, MindTree had announced its entry into the business of mobile products with the acquisition of Kyocera Wireless India (KWI). The new entity, a 100 per cent subsidiary of MindTree, is now called MindTree Wireless Technologies Pvt. Ltd.

“Our recent entry into the mobile products business has given us the seventh growth engine. This, along with our other businesses, will give a boost to our vision of achieving $1 billion in revenues by 2014,” said MindTree CEO and managing director Krishnakumar Natarajan.

“We are seeing a slow but steady improvement in the global economic situation and this is reflected in our financial performance in the recent quarter. We added 24 customers, across all of our businesses and geographies. We look forward to growing these relationships in the months ahead,” he added.

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