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MindTree to launch Android-based phone in FY11

MindTree to launch Android-based phone in FY11
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First Published: Wed, Apr 28 2010. 07 31 PM IST
Updated: Wed, Apr 28 2010. 07 31 PM IST
Mumbai: Mid-sized Indian IT services firm MindTree Ltd on Wednesday said it will develop a 3G smartphone based on Google Inc’s Android platform, and expects to launch the product in the second half of FY11.
The Bangalore-based company also expects to launch Intellectual Property (IP) products for wireless infrastructure segment, including next generation mobile communications technology 4G.
“We are making investments in the range of $10-11 million in the first half of FY11 for these businesses,” its managing director and chief executive officer, Krishnakumar Natarajan, said in a conference call.
“The target customers in this area will be silicon companies, OEMs (original equipment manufacturers) as well as operators,” he said.
The first IP sale was expected to take place in the second half of FY11.
The company has earmarked a capital expenditure of $23 million in FY11, and expects to add 2,500 employees during the year.
MindTree expects a wage hike of 13%-15% for its offshore employees (based in India) and 2%-4% for its onsite (staff at foreign locales), Natarajan said.
The Bangalore-based company, which recently announced acquisition of remote infrastructure management services provider 7Strata, had an attrition of 14.1% on a 12-month trailing basis. MindTree’s total headcount stood at 8,297 as on 31 March.
Earlier in the day, MindTree reported a consolidated net profit of Rs544.6 million slightly above Rs537.7 million, a year ago, mainly driven by higher price realization during the quarter.
The company said it expects its organic businesses to grow higher than industry body Nasscom’s estimated 13%-15% growth rate in FY11 and it will broadly maintain its margins in the next year.
Shares of MindTree closed down 0.31% at Rs639.25 in weak Mumbai market.
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First Published: Wed, Apr 28 2010. 07 31 PM IST