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Mindtree: Volumes drive a good quarter
Apr 17, 2012

Mindtree Limited has announced the fourth quarter results of financial year 2011-2012 (4QFY12). The company has reported a 1.2% quarter-on-quarter (QoQ) growth in sales and 13.7% QoQ growth in net profits. Here is our analysis of the results.

Performance summary
  • Net sales grew by 1.2% QoQ during 4QFY12. The revenue growth was driven by volumes which grew by 4.9% QoQ during the quarter. For the financial year ended March 2012 (FY12), sales grew by 26.9% year-on-year (YoY).
  • Operating margins improved by 1.4% QoQ to 18.7% as compared to 17.3% seen during the previous quarter (3QFY12). This came on the back of lower operating costs during the quarter. For FY12, margins at operating level were up by 3.5% YoY to 15.3% as compared to 11.8% in the same period last year.
  • On the back of expansion in the operating margins, net profits grew by 13.7% QoQ during the quarter. Lower effective tax rates during the quarter also aided the growth at net level. For FY12, net income increased by a whopping 115.1% YoY.
  • Added 6 new clients during the quarter, however the total number of active clients has gone down to 237 as compared to 258 at the end of the previous quarter (3QFY12).
  • Trailing 12 month attrition declined to 18.2% during the quarter from 19.4% reported in the previous quarter (3QFY12).
  • Mindtree has proposed a final dividend of Rs 1.5 per share (yield of 0.5%). Including this, total dividend for the year would be Rs 4 per share (yield of 0.7%).

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