MindTree posts full-year profit of Rs900 mn

MindTree posts full-year profit of Rs900 mn
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First Published: Mon, Apr 30 2007. 01 18 PM IST
Updated: Mon, Apr 30 2007. 01 18 PM IST
By Jay Shankar/ Bloomberg
MindTree Consulting Ltd., a manager of computer networks for customers including Pfizer Inc. and Sony Corp. which sold shares in the second-biggest initial offering this year, said full-year profit rose 66%.
Net income increased to Rs900 million in the year ended 31March, the Bangalore-based company said in a statement to the National Stock Exchange. Sales rose 31.5% to Rs5.9 billion.
India’s top three software exporters, Tata Consultancy Services Ltd., Infosys Technologies Ltd., and Wipro Ltd., beat profit expectations after winning more orders and increasing fees.
MindTree was formed in 1999 by 10 engineers who left Lucent Technologies Inc., Indian billionaire Azim Premji’s Wipro Ltd. and Cambridge Technology Partners. MindTree Chairman Ashok Soota is a former vice chairman and prseident of Wipro, India’s third- largest computer services provider.
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First Published: Mon, Apr 30 2007. 01 18 PM IST