MindTree reports 31.5 % revenue hike

Bangalore, Apr 30 (UNI) Global IT and R and D services major MindTree Consulting, today reported a consolidated revenue of Rs 590.35 crore for the year ended March 31, 2007, up by 31.5 per cent over the corresponding period.

Briefing newspersons, Chairman and Managing Director Ashok Soota said PAT grew by a healthy 66.1 per cent at Rs 900.5 crore as compared to Rs 542.1 crore during the previous period.

For Q4 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 IT services grew by 30 per cent at Rs 445.88 crore, while income from R and D services stood at Rs 144.46 crore. MindTree's strong fundamentals are reflected in the overwhelming response we received to our IPO in March this year. We remain confident of continuing to build a very valuable company in the future", he said.

For the year 2007-08, MindTree had set a guidance to achieve USD 178-180 million in revenues, indicating 36 per cent growth. PAT was expected in the range of USD 25.1 to 25.2 million, a growth of 26.4 per cent at the higher end. EPS was expected to be in the range of Rs 28.9 to Rs 29.5. The above guidance was on the basis of Rs 42.25 per US Dollar, Mr Soota said.

The highlights for the just ended fiscal included commencement of operations in Chennai and acquiring of land in Bhubaneshwar to build its fifth development centre in the country. The company had also opened offices in Dallas, Munich, Stockholm and Sydney, bringing the total number of worldwide offices to 18.

MindTree added 17 new customers during the last quarter, bringing the current active customer base to 155, which included 36 Fortune 500 companies. The head count of the company increased to 4,162 at the end of the last fiscal, a net addition of 1,034 people.

UNI