IT and product engineering services company MindTree on Wednesday reported revenue of Rs.519.70 crore for the third quarter ended December 31, 2011, an increase of 35 per cent over the previous year. The company made a net profit of Rs.60.60 crore, 99 per cent higher than the same period in the previous year.

The growth in revenue from product engineering services, which accounts for about one-third of the company's overall earnings, was relatively sluggish, increasing by 10.7 per cent during the period.

Revenue from IT services, which amounted to Rs.346.60 crore, grew 52 per cent over the previous year. Revenues in dollar terms grew 21.6 per cent on an annualised basis, reaching $103 million during the quarter.

MindTree CEO and Managing Director Krishnakumar Natarajan said the company had achieved “significant improvement in margins” despite the quarter being “seasonally weak.” He attributed the better performance on the margin front to the weakening of the rupee during the quarter. Mr. Natarajan said the global environment “continues to be challenging” for the outsourcing business.

The company had 258 “active customers” at the end of the last quarter.

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