IT solutions firm MindTree today reported 34 per cent increase in profit after tax (PAT) to Rs 49.88 crore for the quarter ended September 30, 2009.

Total revenues of the company increased by one per cent to Rs 314.98 crore in the quarter, MindTree said in a filing to the Bombay Stock Exchange.

“We are seeing a slow but steady improvement in the global economic situation and this is reflected in our financial performance in the recent quarter,” MindTree CEO and MD Krishnakumar Natrajan said.

Besides, the board of directors has recommended a dividend of 10 per cent (Re one per share of par value Rs 10 each) for the half year ended September this year.

During the quarter under review, MindTree had acquired Kyocera Wireless India. The new entity is now called MindTree Wireless Technologies.

“Our recent entry into the mobile products business has given us the seventh growth engine. This along with our business, will give a boost to our vision of achieving USD one billion in revenues by 2014,” Natrajan said.

Shares of the company closed at Rs 570.45, up 1.93 per cent on the BSE.

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