Mindtree Q3 net profit surges by 63% to Rs 98.8 cr
The company's net profit stood at Rs 60.6 crore in the year-ago period. Sequentially, it was up 36.8 per cent compared to net profit of Rs 72.2 crore in July-September quarter.
"Our revenue growth has been satisfactory despite a seasonally weak quarter. The deal pipeline is also looking healthier than last year," MindTree CEO and Managing Director Krishnakumar Natarajan told reporters in a conference call.
On the demand environment, Natarajan said, "We hope to maintain the same growth in Q4 and expect stronger demand momentum. FY'14 should to better than the current fiscal."
He added that the clients are comfortable and optimistic with their budgets. The company expects rise in demand from US and Europe, which together contribute more than 75 per cent to the revenues of the Indian IT sector.
The company's income from software services grew 13.54 per cent to Rs 590.1 crore for the Q3 FY'13 as against Rs 519.7 crore in the same quarter previous fiscal.
Of this, while Rs 176.5 crore came from product engineering services vertical, Rs 413.6 crore was contributed by the IT services business in the reported quarter.
During the third quarter, Mindtree registered a forex gain of USD 2.6 million (about Rs 14 crore) against a loss of USD 7.5 million (about Rs 41 crore) in the second quarter.
It had posted a
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