Mindtree Consulting Q2 net up 31.6% to 27.13 cr

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Mindtree Consulting Q2 net up 31.6% to 27.13 cr

Mindtree Consulting has announced its second quarter numbers. It has posted jump of 31.6% in its net profit of Rs 27.13 crore for the quarter ended September 2007.

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Mindtree Consulting has announced its second quarter numbers. It has posted jump of 31.6% in its net profit of Rs 27.13 crore for the quarter ended September 2007. Revenues increased by 12.7% to Rs 181.9 crore from Rs 161.5 crore.

Onsite revenues increased by 9.5% and offshore by 18.8%. Operating profit margin slightly improved to 16.2% versus 16.1%.

The company has added 28 clients in the second quarter.

Highlights

• Increased its large account portfolio and deepened some of the existing client relationships
• Increased the number of USD 1 Million clients from 34 to 41
• Utilization (excluding trainees) increased to 69.1% in Q2 against 65.1% during the previous quarter
• Inducted 460 people from campuses across India
• Construction of MindTree's development center in Chennai is on schedule. The Company expects to begin occupying the center during the third quarter of 2007-08
• With a focus on further strengthening its presence in the European market, MindTree opened an office in The Hague, Netherlands during the quarter
• Onsite: offshore changed from 29:71 to 27: 72

Its development and consulting revenues declined.

Segment        Q2         Q1
Developemnt   55.8%   60.4%
Maintainence  28.9%   25.6%
Consulting       3.4%     4.8%

According to CNBC-TV18 estimates, it was expected to post net profit of Rs 22 crore and revenues of Rs 177.9 crore.