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Bangalore, Oct. 20 IT and R&D services provider MindTree Ltd posted a 37.4 per cent increase in consolidated net profit for the second quarter and maintained its revenue forecast for the fiscal 2009.

The consolidated results for the quarter include Aztecsoft’s earnings for the quarter. Consolidated net profit was Rs 37.27 crore, compared with Rs 27.13 crore in the year-ago quarter. Revenue increased 41.7 per cent to Rs 312.02 crore from Rs 181.95 crore in the corresponding quarter last year.

MindTree said Rs 56.58 crore from Aztecsoft has been added to consolidated revenue. During the quarter, the company increased its equity stake in Aztecsoft Ltd. to 79.9 per cent. The date of acquiring significant control in Aztecsoft has been taken as August 1, 2008, it said.

It has received approval from the stock exchanges on the merger scheme and proposes to file an application with the High Court for the merger of Aztecsoft with MindTree shortly, MindTree said. The merger is expected to be effective from April 1, 2009, it added.

“The integration of Aztecsoft has had positive impact on some deals we have won in recent months. We are confident that as a combined entity offering differentiated services, we will be able to gain a bigger share of the market,” said Mr Krishnakumar Natarajan, Chief Executive, MindTree.

The company maintained its revenue forecast for the year at $228 million to $238 million. It declared an interim dividend of Re 1 per share.

MindTree added 22 new clients during the quarter, taking the current active customer base to 206. 321 people were added on a gross basis during the quarter. The consolidated people strength of MindTree as of September 30 was 7,751.

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