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Our Bureau

Bangalore, July 24

A strong rupee impacted MindTree Consulting’s June quarter net profit, which declined 16 per cent, while revenues for the quarter grew 21 per cent over corresponding period last year.

MindTree reported a net profit of Rs 20.62 crore on revenues of Rs 161.50 crore for quarter-ended June 2007 as compared to a net of Rs 24.25 crore on revenues of Rs 133.28 crore over corresponding period last year. Revenues in dollar terms were sequentially up 9.9 per cent and 32.5 per cent on a year-on-year basis.

The appreciation of rupee forced MindTree to revise downwards its profit projections for the year. MindTree expects profit after tax for 2007-08 to be in the range of $22.5 to $22.6 million from the previously announced $25.1 to $25.2 million. The revenue guidance for 2007-08 remains unchanged at $178-180 million, indicating a growth of 36 per cent at the higher end.

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