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Updated: October 17, 2013 01:25 IST

Sharp rise in Mindtree’s Q2 net

Special Correspondent
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Mindtree CEO and Managing Director Krishnakumar Natarajan.
The Hindu Mindtree CEO and Managing Director Krishnakumar Natarajan.

Mindtree reported revenues of Rs.769.60 crore in the second quarter ended September 30, 2013, a 29 per cent increase in annualised terms. The company made a net profit of Rs.128.70 crore during the period, 78 per cent higher than in the same period of the previous year. In dollar terms, the company reported revenues of $124 million, 15.6 per cent higher than a year earlier. The net profit amounted to $20.7 million, 61 per cent higher than a year ago.

Strong growth

Addressing the media , CEO and Managing Director Krishnakumar Natarajan said the company had registered “strong industry-leading growth” for the second consecutive quarter. He attributed this to the “improved demand scenario.” Mr. Natarajan said the quarter-on-quarter revenue growth of 20 per cent in the infrastructure management space reflected the fact that “discretionary spending was actually funded.”

However, Mr. Natarajan warned that the third quarter might be “soft,” mainly because of the furloughs in U.S. He also said there were risks of “delays” in renewals of H1-B visa applications because of the possible impact of a prolonged political standoff over the U.S. debt ceiling.

Chief Financial Officer Roatow Ravanan denied that customers were seeking discounts following the rupee’s decline. He also said there was no pricing pressure from existing customers.

Dividend

The company had 220 active customers at the end of the last quarter, of which nine were added during the periodMr. Natarajan said the company had made “very good progress” on the attrition, with rates dropping by almost five percentage points over the last year.

Mindtree’s board has recommended an interim dividend of Rs.5 per share for the half-year ended September 30, 2013.

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