Mindtree Q1 net up, cuts FY10 outlook
DATE: July 20th, 2009
IT firm MindTree Ltd on Monday said net profit saw a rose sharply in the first quarter helped by market-to-market gains, but cut its FY10 outlook on “highly uncertain” market environment.
The Bangalore-based firm expects to post a net profit of $30.4-36.8 million on revenue of $255-270 million in the year ending March 2010, it said in a statement.
The company had forecast a profit of $37.7-$39 million on revenue of $290-$300 million for the period in April.
“The business situations in the client environment and in the segments which we operate continue to be challenging, and we expect that the growth will be muted for the next few quarters,” Chief Financial Officer Rostow Ravanan said on a conference call.
MindTree offers software and research and development services.
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