Mindtree's Numbers Dip In Q2FY14
DSIJ Intelligence / 17 Oct 2013
During the period, the company's net sales and profits came in lower than that in the previous quarter. Its other income also slipped sharply by 66% on a sequential basis.
Bangalore-based global IT solutions company Mindtree announced its results for the quarter ended September 30, 2013. During the quarter, the company's net sales, i.e. the income from operations increased to Rs 769.60 crore as compared to Rs 647.70 crore in the previous quarter. It reported a net profit of Rs 128.7 crore, which marked a decline of 4.95% from the previous quarter. The reason for decline in profit in September quarter is low foreign exchange gains.
The other income of the company slipped by 66.26%, coming in at Rs 24.80 crore in the September quarter from Rs 73.50 crore in the June quarter. During the period in question, the company added 1122 employees on a gross basis.
The company recommended an interim dividend of 50% (Rs 5 per equity share of par value Rs 10 each) for H1FY14. Krishnakumar Natarajan, CEO & Managing Director, Mindtree said, "The relentless execution of our new strategies has delivered 2 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".
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