Mindtree crosses $500 m in revenue, net up 19.3%

Apr 17 2014, 04:18 IST
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SummaryMindtree, the Bangalore-headquartered mid-tier IT services company...

Mindtree, the Bangalore-headquartered mid-tier IT services company, has crossed the $500-million mark in revenues in FY14. It expects to beat the industry’s growth rate of 13-15% projected by Nasscom for FY15.

The 15-year-old company reported revenues of $501.5 million for FY14 with growth of 15.1% and net profit of $74.6 million, which rose 19.3%. Mindtree also recommended an issue of bonus shares in the ratio of 1:1, subject to shareholder approval. Commenting on the results, Mindtree CEO Krishnakumar Natarajan said, “There is a strong momentum and it will be a good start to FY15.”

For the fourth quarter of FY14, Mindtree reported revenues of $132.8 million, which is sequential growth of 4.4%. Net profit touched $15.9 million, rising 11.7% sequentially.

The company, which serves multiple segments such as financial services and manufacturing, signed orders in excess of $500 million during FY14.

In rupee terms, revenue for the quarter touched R823.7 crore with sequential growth of 4.2% while net profit rose to R98.2 crore, increasing 11%.

Operating profit margin at the end of the fourth quarter stood at 21.5% against 19.5% in the last quarter.

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