MindTree profits up 66 per cent

Bangalore, Apr 30: Global IT and R and D services major MindTreeConsulting, today reported a consolidated revenue of Rs 590.35 crorefor the year ended March 31, 2007, up by 31.5 per cent over thecorresponding period.

Briefing newspersons, Chairman and Managing Director Ashok Sootasaid profit after tax (PAT) grew by a healthy 66.1 per cent at Rs 900.5crore as compared to Rs 542.1 crore during the previous period.

For the fourth quarter the revenue had reached Rs 156.56 crore, with a PAT of Rs 24.54 crore.

"With consulting being driver of our growth, revenue from ITservices grew by 30 per cent at Rs 445.88 crore, while income from Rand D services stood at Rs 144.46 crore. MindTree's strong fundamentalsare reflected in overwhelming response we received to our IPO in Marchthis year. We remain confident of continuing to build a very valuablecompany in the future," he said.

For the year 2007-08, MindTree had set a guidance to achieve178-180 million US Dollars in revenues indicating 36 per cent growth.PAT was expected in the range of 25.1 to 25.2 million dollars, a growthof 26.4 per cent at the higher end. EPS was expected to be in the rangeof Rs 28.9 to Rs 29.5. The above guidance was on the basis of Rs 42.25per US Dollar, Mr Soota said.

The highlights for the just ended fiscal included commencement ofoperations in Chennai and acquiring of land in Bhubaneshwar to buildits fifth development centre in the country. The company had alsoopened offices in Dallas, Munich, Stockholm and Sydney, bringing thetotal number of worldwide offices to 18.

MindTree added 17 new customers during the last quarter, bringingthe current active customer base to 155, which included 36 Fortune 500companies. The head count of the company increased to 4162 at the endof the last fiscal, a net addition of 1034 people.

UNI