Sunday, October 21, 2012

MindTree Q2 net profit down 19% at Rs 72 cr on forex loss

Software services exporter MindTree  's net profit went down by 18.9% to Rs 72.2 crore in the quarter ended September 2012 from Rs 89 crore in the previous quarter. Analysts on an average had expected it at Rs 66 crore.

The profit after tax was down due to foreign exchange loss of Rs 41.5 crore in the quarter as against gain of Rs 8.1 crore in previous quarter.

Revenues (in rupee terms) rose by 5.9% to Rs 596.3 crore and dollar revenue increased 1.7% to USD 107.3 million during the same period, which both came in in-line with expectations.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 12.35 percent QoQ to Rs 131.9 crore, which higher than analysts' expectations of Rs 123 crore.

EBITDA margin too improved by 125 basis points to 22.1% in the three months ended September 2012. Analysts had forecast of 20.67%.

Mindtree has added 11 customers during the July-September quarter of 2012.

The board of directors have recommended an interim dividend of 30% (Rs 3 per share of par value Rs 10 each) for the six months ended September 30, 2012.

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