MindTree reports 52.9 percent growth in Q4
By siliconindia   |   Friday, 18 April 2008, 02:34 IST
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Bangalore: MindTree, a global IT and R&D Services Company, has posted a total income growth of 52.9 percent (YoY) and 14.5 percent (QoQ) to $55 million for the fourth quarter ending March 31, 2008 and 2007-08 financial year. The PAT increased by 57.1 percent on YoY basis and 65.1 percent on QoQ basis to $8.74 Million. In rupee terms, total income grew by 37.3 percent YoY and 14.6 percent QoQ to Rs 2178 million and PAT increased by 41.5 percent YoY and 66.9 percent QoQ to Rs 347 million In dollar terms, total income increased by 44.4 percent over the previous year to $191.1 million. This is significantly higher than the guidance of $186 Million, which itself was revised upwards last quarter. PAT was up by 28.9 percent over the previous year to $25.7 million and higher than the guidance of $22.5 to 22.6 million. In rupee terms, total income grew by 28.4 percent over the previous year to Rs 7,677.8 million. PAT increased by 14.7 percent over the previous year to Rs 1032.8 million. Earnings per share (EPS) grew to Rs 27.45 against the guidance of Rs 24.5. During this year, 102 new customers were added, bringing the current active customer base to 206, including 41 Fortune Global 500 companies. This FY also saw a net addition of 1,478 employees by the company. Speaking on the results, MindTree Chairman & Managing Director Ashok Soota said, "I am glad that we could defend our margins despite a 12 percent rupee appreciation. The growth was possible due to the good customer traction throughout the year; favorable market environment for our value added and differentiated services; and our high commitment on improving our operational efficiencies."

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