MindTree doubled its net profit in 2011-12 to Rs.689 crore from Rs.320 crore in 2010-11. The company earned revenues of Rs.19,152 crore, an increase of 27 per cent over the previous year.
However, segment-wise results showed that the company's earnings from product engineering services remained stagnant, especially during the fourth quarter. Income from this segment, which accounts for about one-third of total revenues, grew at less than 5 per cent during the year.
But this was more than compensated by growth in revenues from IT services which grew at 43 per cent — from Rs.8,783 crore to Rs.12,558 crore.
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MindTree CEO and Managing Director Krishnakumar Natarajan said the company's “back to the basics” approach, focussing on select verticals, resulted in improved margins.