Comments
Software services company MindTree reported a better-than-expected profit growth, boosted by new outsourcing orders and forex gains due to the depreciating rupee.
The mid-size Bangalore-based software company saw its net profits go up by 72 per cent over the previous quarter and 52 per cent in the same period last year to Rs 135 crore.
MindTree reported forex gains of Rs 62 crore in the April-June quarter, compared with Rs 15-crore forex loss in the January-March quarter.
Its revenues rose by 15 per cent to Rs 647.7 crore in the first quarter this fiscal from Rs 563 crore in the year ago period.
The April-June quarter also saw the company bag three multi-million and multi-year outsourcing deals and in a conference call with reporters CEO K.K. Natarajan said the deal pipeline looks strong in the coming quarters. The company also saw the volume of its outsourcing projects go up to 4.1 per cent.
The company’s 12,239 employees also have something to cheer. MindTree has announced staggered hikes for the fiscal 2014. About 80 per cent of the employees will be given hikes from July onwards, 18 per cent will see salary hikes from October and two per cent from November.
On the hiring front, company officials maintained that it plans to hire 1,700 campus recruits, of which, around 400 have already joined.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.