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MindTree Ltd's results for 2010-2011 have shown a steep fall in PAT (profit after tax) of 52.7 per cent, from Rs 214.8 crore to Rs 101.6 crore.
According to the company, the major reason for PAT falling so steeply was because in 2009-2010 MindTree had a mark-to-market (MTM) gain of Rs 111.3 crore as opposed to a mark-to-market gain of Rs 13.6 crore in 2010-2011.
Revenues, however, showed a rise of 16.4 per cent, from Rs 1,233.2 crore in 2009-2010 to Rs 1,509 crore in 2010-2011.
In terms of the segments, the product engineering segment grew by around 5.6 per cent, from Rs 535.2 crore to Rs 565.3 crore.
IT services registered a greater growth of around 25.8 per cent, from Rs 698 crore to Rs 878.3 crore and wireless services contributed an additional Rs 65.4 crore. The company said that as of March 31 it had 277 active customers, including 48 Fortune 500 ones, and 39 customers were added in the quarter ended March 31.
Commenting on the results and the outlook for 2011-2012, company officials said that they expected to grow better than the Nasscom-projected industrial growth rate of 16 per cent to 18 per cent.
Share of MindTree ended Thursday at Rs 391 on the BSE, gaining 1.30 per cent over the previous close.
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