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Mindtree: Revenues rise but profits decline

Oct 16, 2013 | Updated on Oct 30, 2019

MindTree Ltd has announced the second quarter results of financial year 2013-2014 (2QFY14). The company has reported an 18.8% quarter-on-quarter (QoQ) growth in sales but a 15.7% QoQ decline in net profits. Here is our analysis of the results.

Performance summary
  • Net sales grew by 18.8% QoQ during 2QFY14. This is on the back of a decent 5.4% QoQ growth in US Dollar terms.
  • Operating Profits grew by 34.2% QoQ while operating margins improved by 2.4% QoQ to 20.8% as compared to 18.4% seen during the previous quarter (1QFY14).
  • The good operational performance was largely offset by lower other income which came in at Rs 248 m. It must be noted that in the previous quarter, the company recorded a forex gain of Rs 618 m which had led to higher other income.
  • Without the benefit of a higher other income figure this time around, the profit before tax (PBT) fell by 5.6% QoQ.
  • The net profit for the company came in at Rs 1,287 m, lower by 4.9% QoQ.
  • The company added 11 new clients during the quarter. Total number of active clients stood at 247 as compared to 222 at the end of the previous quarter (1QFY14)
  • The attrition rate, which has been declining steadily, fell further to 11.9% on a trailing twelve month basis. It was 12.4% in the previous quarter.

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