MindTree’s Q4FY10 – Strong Quarter
MindTree revenues of US$74.5m were up 5.7% qoq and 9.7% yoy (Exp: US$ 72.2m) – volume growth was flattish while realization improved on the back of productivity gains in fixed price projects. In INR terms, revenues of Rs3.4bn grew 4% qoq and 2% yoy. EBIT margin declined by ~110bps qoq – management indicated that this was primarily due to stronger INR, provision for higher leaves (US$ 0.7m), investment into handset business (US$ 0.6m), hardware pass-through cost (US$0.7m), higher SG&A spend. (more…)