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MindTree’s revenue grows 21.7% in USD terms in FY 2011-12. PAT increases significantly by 106.2%

email this aricle - MindTree’s revenue grows 21.7% in USD terms in FY 2011-12.  PAT increases significantly by 106.2%  - 16 April 2012 print this article - MindTree’s revenue grows 21.7% in USD terms in FY 2011-12.  PAT increases significantly by 106.2%  - 16 April 2012

Global IT and product engineering services company MindTree, has announced its consolidated results for the fourth quarter ended 31 March 2012 and Financial Year (FY) 2011-12 as approved by its Board of Directors.

Consolidated Financial Highlights for the Fourth Quarter ended March 31, 2012

- In dollar terms, Revenue grew by 1.3% Quarter over Quarter (QoQ) and 21.8% Year over Year (YoY) to $105.04 Million. In rupee terms, Revenue grew by 1.2% QoQ and 34.4% YoY to ` 5,257 Million.

- In dollar terms, Profit After Tax (PAT) increased by 13.8% QoQ and 95.5% YoY to $13.8 Million. In rupee terms, PAT increased by13.7% QoQ and 115.3% YoY to ` 689 Million.

Consolidated Financial Highlights for the Year ended March 31, 2012

- In dollar terms, Revenue grew by 21.7% over the previous year to $402.6 Million. In rupee terms, Revenue grew by 26.9% over the previous year to ` 19,152 Million.

- In dollar terms, PAT increased by 106.2% over the previous year to $45.9 Million. In rupee terms, PAT increased by 115.1% over the previous year to ` 2,185 Million.

Other Highlights

- As of 31 March 2012, MindTree had 237 active customers, including 37 Global Fortune 500 Companies. During Q4, $1 million customers increased by 3 to 77; $5 million customers increased by 1 to 17; and $20 million customers increased by 1 to 4.

- MindTree added 502 people on a gross basis during Q4, taking its total people strength to 11,000 as of 31 March 2012.

- Some of the significant client wins during Q4 were:

o A leading Insurance Company based in US. MindTree will provide services to its Enterprise Risk Management (ERM) group to improve management of worldwide location based risk.

o A large conglomerate based in Middle East. MindTree will provide services in the area of SAP CRM implementation.

o A Company in the area of wireless semiconductor chips and embedded solutions. The Company will license MindTree’s Bluetooth Low Energy (BLE) Intellectual Property (IP).

- MindTree bagged the NASSCOM IT User award 2012 under ‘Social Media Adoption in an Enterprise’ category for its intranet application called ‘PeopleHub’.

- The Board has approved creation of stock incentive schemes in the nature of Restricted Stock Units (RSU) upto 2.5% of our paid up capital and Stock Appreciation Rights (SAR) to align management incentives with creating long term shareholder value. The roll out of the schemes are subject to shareholder & any other necessary approvals.

- The Board of Directors, at its meeting held on 16 April 2012, has recommended a final dividend of 15% (Re 1.50 per equity share of par value Rs 10 each) for the year ended 21 March 2012.

“FY 2011-12 has been a great year. We got the leadership team to a “back to basics” approach. We focused on a few verticals and did deeper mining of existing relationships. The “back to basics” approach has helped to grow margins consistently each quarter. Going forward, we believe we will continue to deliver higher revenue growth than industry estimates in FY2012-13 and improve EBITDA margins further. We do however see the uncertain global environment and the currency volatility as our biggest risks” said MindTree CEO & Managing Director, Krishnakumar Natarajan.

“The last year has been transformative for us. We have emerged stronger than ever before. The foundation is laid for taking the Company confidently forward” said MindTree Chairman, Subroto Bagchi.

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