Mindtree announces bonus share, revenue crosses $500 million mark - Times of India

The author has posted comments on this articleShilpa Phadnis, TNN | Apr 16, 2014, 05.14PM IST

BANGALORE: IT services company Mindtree has beaten street expectation posting a good set of numbers. The Bangalore-based IT firm has touched a new milestone crossing $500 million in revenues for the 2013-14 financial year.

The company has declared a 1: 1 bonus shares to celebrate the firm's achievement. In dollar terms, the company's net profit rose 19.3% to $74.6 million for the year ended March 31. "Financial year-14 has been a momentous year for Mindtree. We crossed half a billion in revenues and $100 million in operating profits," said Krishnakumar Natarajan, CEO of Mindtree.

Its net profit rose 11% to Rs 98.2 crore in the March quarter compared to the previous one and registered a 24.5% increase over the same period last year. The IT firm's revenue rose to Rs 823.7 crore in the March quarter recording a 4.4% increase seque ntially and 17.4% jump year-on-year. The firm has 207 active clients as of March 31. The company made a gross addition of 397 employees in the last quarter and has 12,926 employees as of March 31.

Last year, the company initiated a restructuring exercise focusing on four verticals -- BFSI (banking, financial services & insurance); manufacturing; CPG (consumer packaged goods), retail, travel and transportation and hitech. Hitech has expanded its portfolio offerings to business intelligence and application development and maintenance, besides product engineering services (PES).

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