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Mindtree: Product eng. business facing headwinds - Views on News from Equitymaster
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Mindtree: Product eng. business facing headwinds
Jan 23, 2012

Mindtree Limited has announced the third quarter results of financial year 2011-2012 (3QFY12). The company has reported a 13.8% quarter-on-quarter (QoQ) in sales and 11.2% QoQ growth in net profits. Here is our analysis of the results.

Performance summary
  • Net sales grew by 13.8% QoQ during 3QFY12. The revenue growth was driven by the depreciation in the rupee. In constant currency terms, sales grew by 3.1% QoQ during the quarter. For the nine months ended December 2011 (9MFY12), sales grew by 24.3% year-on-year (YoY).
  • Operating margins improved by 4.4% QoQ to 17.3% as compared to 12.9% seen during the previous quarter (2QFY12). This came on the back of lower operating costs (as a percentage of sales) during the quarter. For 9MFY12, margins at operating level were up by 2.0% YoY to 14.0% as compared to 12.0% in the same period last year.
  • Despite good expansion in the operating margins, net profits grew by just 11.2% QoQ during the quarter. This was due to substantially lower other income (including forex effects) and higher effective tax rates during the quarter. However, for 9MFY12, net income increased by whopping 114.9% YoY.
  • Added 9 new clients during the quarter, however the total number of active clients has gone down to 258 as compared to 270 at the end of the previous quarter (2QFY12).
  • Trailing 12 months attrition declined to 19.4% during the quarter from 21.7% reported in the previous quarter (2QFY12).

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