The company’s revenues and profit were helped by the good performance of its infrastructure and technical support vertical as well as the depreciating rupee
Mindtree has reported a 16.5% year-on-year (y-o-y) increase in revenues from Rs525.70 crore to Rs612.4 crore, in rupee terms. Net profit of Mindtree rose 14% y-o-y, from Rs69.2 crore to Rs78.9 crore, in rupee terms as well. Net profit margin expanded by 12.9% y-o-y, from 13.2% to 16.7%. This was helped by the depreciation of the rupee from Rs50.88/dollar to Rs54.29 per dollar. However, on a quarterly basis, the rupee actually gained strength, from Rs55/dollar to Rs54.29 per dollar. It was also helped by its infrastructure and technical support (IMTS) vertical, which grew 53.2% y-o-y. This is more of a low-margin vertical however. Its manufacturing and retail vertical grew 19.5% y-o-y.
“FY 12-13 has been a landmark year for Mindtree. In a challenging year, we have delivered revenue growth and better margins. We have also delivered consistently quarter after quarter, setting up a platform for continued improvements. We have made solid investments in leadership development, brand building and sales force enhancement. We are confident that all these will help us create an expertise led organization that delivers sustained growth and shareholder value” said Krishnakumar Natarajan, CEO & Managing Director, Mindtree.
During the March 2013 quarter, 55.3% of the revenues came from the United States when compared to 57.3% recorded for the corresponding period last year. Similarly, domestic revenues dipped from 7.5% during the March 2012 quarter to 6.1% for the March 2013 quarter.
Mindtree has two divisions: IT services and Product Engineering Services (PES). Almost three quarters of its revenue (70.2%) for the March 2013 quarter came from the former while the latter took the remaining 29.8% of the total revenues for the quarter.
The company made significant inroads in targeting and acquiring high value customers. It added four more customers with ticket value of over $20 million which having a total of 232 active customers as of 31 March 2013.
The company had 11,591 employees as of 31 March 2013 and added 974 employees during the quarter on a gross basis.
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