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Improved margins have helped mid-tier IT company MindTree Ltd to post a 58 per cent increase in net profit to Rs 54.5 on a sequential basis for the second quarter of the current fiscal.
While revenues grew 10.6 per cent to Rs 456.7 per cent for the same period, on a year-on-year basis, there was a 135 per cent increase in net profit (YoY) while revenues grew 18.8 per cent.
Mr Krishnakumar Natarajan, CEO and Managing Director, said, “We have delivered great value to our customers and improved margins by operational excellence. In our sixth year of operations, we were the fastest IT company to cross $100 million revenues. Now, we have achieved $100 million in this quarter and taken our employee strength to over 10,000.”
The board of MindTree has recommended an interim dividend of 25 per cent or Rs 2.5 per equity share of par value Rs 10 each, including a special dividend of Rs 1 per equity share on the occasion of MindTree crossing $100 million in revenues and crossing 10,000 MindTree Minds (employees) this quarter.
Commenting on the next quarter, Mr Natarajan said, “Q3 is seasonally a lean quarter because of the holidays and the end of the budget cycle for our clients. We will continue to maintain growth momentum, but it will be muted.”
Regarding the outlook for calendar year 2012, he said that during the results for the quarter ended December 31, 2011, the company would get a realistic figure on how the next year would pan out.
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