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MindTree Q1 revenues up 37.6 p.c.

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CIOL Bureau
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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.

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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.

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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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