Mindtree announces results for Q2 2013

Net profit at $20.7million showed a 15.7 per cent decline quarter on quarter but a 61.2 per cent increase year on year. In Rupee terms, net profit at 1,287 million showed a 4.9 per cent decline quarter on quarter and a 77.8 per cent rise year on year.

Mindtree’s customer base now shows 220 active customers with the number of $5million customers growing to 21. The company had 12,941 employees as of 30 September 2013 adding 1,122 employees during the quarter on a gross basis.

During the quarter, Mindtree was selected as one of the “Best Under A Billion” companies in the August issue of Forbes Asia 2013. The company recently won a Gold rating, the highest honour bestowed in each category, of the 5th Annual Golden Bridge Awards. Mindtree was also selected by Microsoft as a Windows Azure Circle partner and was ranked among the top global product engineering service providers by Zinnov research and analysis.

Krishnakumar Natarajan, CEO & Managing Director, Mindtree, commented: “The relentless execution of our new strategies has delivered two consecutive quarters of strong revenue growth this year. We continue to invest in expertise-led solutions and attracting top quality industry talent. This drives positive business outcomes for our customers while achieving sustainable growth”.

The Board of Directors recommended an interim dividend of 50% (5 per equity share of par value 10 each) for the six months ended 30 September 2013.