MindTree Limited, a global IT and R&D Services Company, announced its consolidated results today for the fourth quarter ending March 31, 2008 and 2007-08 financial year (FY) as approved by its Board of Directors.

Consolidated Financial Highlights for the Fourth Quarter Ending March 31, 2008
– In dollar terms, Total Income grew by 52.9% Year over Year (YoY) and 14.5% Quarter over Quarter (QoQ) to $55 Million. In dollar terms, PAT increased by 57.1% YoY and 65.1% QoQ to $8.74 Million
– In rupee terms, Total Income grew by 37.3% YoY and 14.6% QoQ to Rs 2178 Million. In rupee terms, PAT increased by 41.5% YoY and 66.9% QoQ to Rs 347 Million
Consolidated Financial Highlights for the FY Ending March 31, 2008

– In dollar terms, Total Income increased by 44.4% over the previous year to $191.1 Million. This is significantly higher than the guidance of $186 Million, which itself was revised upwards last quarter. PAT was up by 28.9% over the previous year to $25.7 Million and higher than the guidance of $22.5-22.6 Million.

– In rupee terms, Total Income grew by 28.4% over the previous year to Rs 7,677.8 Million. PAT increased by 14.7% over the previous year to Rs 1032.8 Million

– Earnings per share (EPS) grew to Rs 27.45 against the guidance of Rs 24.5
Other FY 2007-08 Highlights

– In the MindTree Customer Experience Survey during the year, 88% of our customers gave a rating of 4 and above (on a scale of 5) on overall satisfaction and 94% of them rated 4 and above (on a scale of 5) on their willingness to do repeat business. This shows MindTree’s commitment towards higher customer satisfaction

– 102 new customers were added during the year, bringing the current active customer base to 206, including 41 Fortune Global 500 companies

– In the annual MindTree People Perception Survey, 85% of MindTree Minds gave a rating of 4 and above (on a scale of 5) on overall satisfaction, reflecting the company’s position as the employer of choice

– MindTree Consulting changed its name and the visual identity to MindTree Limited. The new name reflects its entire range of offerings and provides the opportunity to the company to enter new areas of services

– Total number of MindTree Minds increased to 5,640 (as on March 31, 2008), a net addition of 1,478 people during the FY. Of this, 934 were recruited from campuses across the country

– MindTree commenced operations from its own SEZ development center in Chennai and the SEZ facility in Bangalore

Speaking on the results, MindTree Chairman & Managing Director Ashok Soota said, “I am pleased with MindTree’s performance during the year, particularly the fact that we could defend our margins despite a 12% rupee appreciation. The strong growth was possible due to the good customer traction throughout the year; favorable market environment for our value added and differentiated services; and our high commitment on improving our operational efficiencies.”

“We are entering the new fiscal year with good momentum. I am confident that the foundation on which we have built our businesses and unique culture will create an organization with enduring value,” he added.

Consolidated Guidance for FY 2008-09

– For FY 2008-09, MindTree expects to achieve $ 228-238 Million in software revenues, indicating a growth of 24-29% as compared to that of FY2007-’08

– PAT is expected to be in the range of $31.7-33.1 Million, representing a growth of 23-29%

– EPS is expected to be in the range of Rs 32.7-34.1, a growth of 19-24%

– The above guidance is on the basis of Rs 39.40/$
Dividend

The Board of Directors has recommended a final dividend of Re 1 per share subject to approval by the shareholders. MindTree had paid out an interim dividend of Re 1 per share. Thus, the total dividend for the year stands at Rs 2 per share (20%).
Company Awards and Recognition during FY 2007-08
MindTree continued to receive accolades during the year for being among the best employers across the industry.
Specifically:
– MindTree was ranked second in the Best Companies to Work For in India survey conducted by Business Today, Mercer and TNS India
– MindTree won the Gold Award for Excellence in People Management by the Great Places to Work Institute
– MindTree was ranked among the top 10 in the Great Places to Work survey conducted by Businessworld and the Great Places to Work Institute
MindTree moved closer to realizing its vision of being among the most admired companies in the world, winning several awards for innovation, knowledge management and corporate governance.
Some of these awards include:

* MindTree was declared the Overall Winner of the Most Admired Knowledge Enterprises (MAKE), India award in 2007
* The company received the NASSCOM Innovation Award 2007
* Recognized among the top 100 global service providers in 2008 by Global Services magazine
* MindTree was included in the ‘Leaders’ category of the 2008 Global Outsourcing 100 by the International Association of Outsourcing Professionals
* MindTree was selected among the Top 25 organizations in India for Good Corporate Governance Practices at The National Award for Excellence in Corporate Governance 2007, granted by the Institute of Company Secretaries of India along with the Ministry of Company Affairs and the Institute of Chartered Accountants of India
* MindTree was awarded a Silver Trophy at the EMPI-Indian Express Innovation Awards 2006
* MindTree was adjudged the Best Venture Capital Backed Company at the Venture Intelligence APEX ’08 Awards
* MindTree senior management received several recognitions during the year.
* MindTree Chairman & MD Ashok Soota was given the Most Innovative People Award in Knowledge Innovation; Vice President and Head of Knowledge Management Raj Datta was invited to the Entovation 100 list of top 100 Knowledge Leaders; and Vice President and Head of Global People Function Puneet Jetli was awarded the HR Professional of the Year by DH Avenues

Sourced From: Brand Comm

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