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Our Bureau

Bangalore, Oct. 23 MindTree Consulting Ltd has reported a 21 per cent rise in net profit and a 23.4 per cent growth in revenue for the quarter ended September 2007 over the corresponding period last year.

The company reported a net profit of Rs 27.13 crore on revenues of Rs 181.95 crore for the second quarter of fiscal 2008 compared with a net of Rs 22.4 crore on revenues of Rs 153.71 crore in the corresponding period last year.

In dollar terms, the company recorded a 38.7 per cent rise in net profit while revenues were up 41.2 per cent year-on-year. The board declared an interim dividend of Rs 1 per share (10 per cent on par value of Rs 10). Shares of MindTree ended two per cent higher at Rs 486.05 on the BSE on Tuesday.

Volumes grew by 12.7 per cent and IT services revenues were up 15.1 per cent, while R&D Services rose 15.7 per cent on a sequential basis in dollar terms.

“I am pleased with our strong growth in revenues and profitability during the quarter, which we have achieved despite the continued appreciation of the rupee. In the backdrop of a strong business environment, we are confident of achieving our revenue target of $178-180 million and profit target of $22.5-22.6 million for 2007-08,” said the Chairman and Managing Director, Mr Ashok Soota.

MindTree added 28 new clients during the quarter, taking its active client base to 192.

Three of these 28 customers are Fortune 500 companies, including a global financial services firm, a world leader in consumer electronics and a global beverages leader.

The company increased its large account portfolio and deepened some of the existing client relationships during the quarter.

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MindTree posts higher revenue, net in Q2

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