MindTree net profit rose by 34.8 pc

BANGALORE, INDIA: IT and R&D service company MindTree Limited announced on Monday that the company's profit after tax grew stood at Rs 366 million for the quarter ended September 30. This shows a growth of 34.8 per cent year-on-year basis.

The company’s software revenue grew by 14.4 per cent in quarter-on-quarter and 40.6 per cent year-on-year, whereas IT services revenues registered a quarter-on-quarter growth of 10.1 per cent and Y-o-Y growth of 35.4 per cent. R&D services showed a growth of 5.7 per cent quarter on quarter and 22.8 per cent year on year.

The EBITDA for the quarter was 27.9 per cent this quarter. This was 21 per cent in quarter one of 2008-09 and 16.2 percent in quarter two of 2007-08.

After announcing the result the company said that the board has recommended an interim dividend of Re one per share.

MindTree has maintained its revenue guidance for the current year at $228-238 million, said a press release. The company’s customer base rose to 206 as 22 new customers were added during the quarter.

"We have posted strong results in the second quarter despite the tough and challenging scenario that is gripping the world economy," said MindTree CEO Krishnakumar Natarajan. "The integration of Aztecsoft has had positive impact on some deals we have won in recent months."