Mindtree reports revenue growth of 5.4pc q-o-q

BANGALORE, INDIA: Mindtree Limited, a global information technology solutions company, announced its results today for the second quarter ended September 30, 2013, as approved by its Board of Directors.

"The relentless execution of our new strategies has delivered two consecutive quarters of strong revenue growth this year. We continue to invest in expertise-led solutions and attracting top quality industry talent. This drives positive business outcomes for our customers while achieving sustainable growth" said Krishnakumar Natarajan, CEO and managing director, Mindtree.

Key financial highlights:

· In USD terms:

o Revenue at $124 million (growth of 5.4% q-o-q / 15.6% y-o-y)

o Net profit at $20.7 million (decline of 15.7% q-o-q / increase of 61.2% y-o-y)

· In Rupee terms:

o Revenue at ` 7,696 million (growth of 18.8% q-o-q / 29.1% y-o-y)

o Net profit at ` 1,287 million (decline of 4.9%* q-o-q / increase of 77.8% y-o-y)

* Due to higher forex gain in the first quarter

Other highlights:

· Customers:

o 220 active customers as of September 30, 2013

o $5 million customers grow to 21

· Employees:

o 12,941 employees as of September 30, 2013

o Added 1,122 employees during the quarter on a gross basis

· Dividend announcement:

o The Board of Directors, at its meeting held on October 16, 2013, recommended an interim dividend of 50% (` 5 per equity share of par value `10 each) for the six months ended September 30, 2013.