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HindustanTimes Wed,23 Apr 2014

Mindtree's Q4 net up 14% at Rs. 78.9 cr

PTI  Mumbai, April 22, 2013
First Published: 13:36 IST(22/4/2013) | Last Updated: 14:04 IST(22/4/2013)

Mid-sized IT firm Mindtree on Monday said its standalone net profit has increased 14% to Rs. 78.9 crore for the quarter ended March 31, 2013.

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This is against Rs. 69.2 crore registered in the same period last year, Mindtree said in a statement.

Mindtree's standalone revenue grew 16.5% to Rs. 612.4 crore for the reported quarter from Rs. 525.7 crore in the year-ago period, it added.

For the year ended March 31, 2013, the company's standalone net profit grew 55% to Rs. 338.9 crore, while revenues were up 23.3% to Rs. 2,361.8 crore.

"In a challenging year, we have delivered revenue growth and better margins. We have also delivered consistently, setting up a platform for continued improvements," Mindtree MD and CEO Krishnakumar Natarajan said.

The company had 232 active customers as on March 31, 2013, while $20 million customers increased to five, the statement said.

Mindtree added 974 employees in the quarter to take its total headcount to 11,591 employees as on March 31, 2013.

The board of directors recommended an interim dividend of 40% (Rs 4 per equity share of par value Rs. 10 each) and a final dividend of 50% (Rs 5 per equity share) for the fiscal ended March 2013, subject to approval by shareholders at the forthcoming AGM.

Along with the interim dividend of 30% declared in October last year, the total dividend for the year comes to 120% (Rs 12 per equity share).

The company said it intends to maintain similar or better levels of dividend payout over the next few years in view of the improved predictability and stability of the company's operations.

"However, the actual dividend payout in each year will be subject to the investment requirements of the annual operating plan for the year and any other strategic priorities identified by the company," the statement said.

Besides, the board has also approved Kalyan Kumar Banerjee's request for de-classification as a promoter with immediate effect.

Mindtree added 974 employee in the quarter to take its total headcount to 11,591 employees as of March 31, 2013. Utilisation including trainees is 69.6% broadly similar to 71.4 pc in the previous quarter.

"In FY ’14, we will hire about 1,700 freshers. Numbers of lateral hires will depend on the demand," he said. A decision on wage hikes for the fiscal will be taken by June.

Mindtree saw attrition rate (on last twelve months basis) drop to 13.4% in the reported quarter from 15.1% in the October - December 2012 quarter.

The company will invest $20 million during the ongoing fiscal for business activities and growth plans, while another $15-20 million is expected to be invested in setting up a new campus in Bhubaneswar.

"The first phase is expected to be completed by June 2014 and it will have academic and residential units. The first phase can house about 500 people," he said.

In FY ’13, the company’s capital expenditure stood at about $22.5 million.

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