Subscale India-based offshore services firm MindTree, pretty much followed the trend of larger peers, reporting handsome growth in revenues and margins, largely on the back of a much weaker Rupee. Headline revenues for the quarter to 31st Dec. were up by 22% to $104m with adjusted operating margins just shy of 14%, more than double those of the year ago quarter. Europe contributed a larger slice of MindTree’s revenues, 28%, compared to 26% the prior quarter.
There’s now huge distance between MindTree and the smallest of the India majors, iGate Patni (reporting next week). With iGate Patni positioning itself as the offshore partner of choice for sub-Fortune 100 companies, and with even smaller player, Hexaware, snapping at MindTree’s heels (see Hexaware growth tops Indian giants), it’s not just the economy being put under a squeeze!