Business Daily from THE HINDU group of publications
Tuesday, Oct 27, 2009
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Business Daily from THE HINDU group of publications Tuesday, Oct 27, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Info-Tech
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Financial Performance Corporate Results - Software MindTree net up 34% on forex gains 
Our Bureau Bangalore, Oct. 26 MindTree Ltd, provider of IT and R&D services, reported an annual net profit growth of 33.8 per cent for the September quarter, helped by foreign currency exchange-related gains. However, on a sequential basis, it declined 12.1 per cent. For the quarter, the net profit was Rs 49.88 crore compared with Rs 37.27 crore in the year-ago period. The revenue increased 1 per cent to Rs 314.98 crore. The company had foreign exchange gains of Rs 2.94 crore during the second quarter compared with a loss of Rs 30.56 crore in the year-ago period. Interim dividendMindTree’s board 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, the company said in a statement. “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,” said Mr Krishnakumar Natarajan, CEO and Managing Director, MindTree. “We added 24 customers, across our businesses and geographies,” he added. He said the company’s recent entry into the mobile products business, along with its other businesses, “will give a boost to our vision of achieving $1 billion in revenues by 2014.” During the quarter, MindTree had announced the acquisition of Kyocera Wireless India (KWI). MindTree restructures operations, eyes buyouts MindTree posts higher net More Stories on : Financial Performance | Software
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