Mid-sized IT firm Mindtree which recently hired Paul Gottsegen from Infosys to lead its marketing, has made two more senior hires -- Mahesh Pillai to head its hi-tech industry vertical and Mark Wilsdon to lead its sales for Europe.
Revenues for the reported quarter grew 29.2 per cent to Rs 769.5 crore from Rs 595.3 crore in the same period last fiscal.
Macquarie also increases its FY14/15 earnings estimates for MindTree by 12/24 per cent respectively to account for changed dollar/ rupee estimates.
Following the strong set of results, the stock started the session on a positive note and as the trade progressed it further gained 5.66 per cent to Rs 966.2 -- its 52-week high on the BSE.
Mid-tier IT firms, Tech Mahindra and MindTree may raise salaries by 7-12 percent this fiscal to ensure they do not lose talent to top players.
"In a challenging year, we have delivered revenue growth and better margins. We have also delivered consistently, setting up a platform for continued improvements," MindTree managing director and chief executive officer Krishnakumar Natarajan said.
Krishnakumar Natarajan, MD and CEO of Mindtree lays out his outlook for FY14. He says that budgets are looking better than in FY13 and pricing is largely stable.
IT solutions company Mindtree Ltd today reported a 63 per cent year-on-year jump in third quarter net profit at Rs 98.8 crore.
Mid-sized IT services firm MindTree on Tuesday said it plans to make significant investments in raising the services it offer based on enterprise software SAP.
Credit Suisse said the company's product engineering business appears weaker than earlier anticipated.
MindTree has told analysts that growth in IT services is likely to continue and margins will continue to trend up.