Amidst the buzz of an intended stake sale by VG Siddhartha and his companies, Mindtree management remained non-committal on the way forward.
Speaking on the stake sale Rostow Ravanan, CEO & Managing Director said, "The management team at Mindtree is one hundred per cent committed to the organisation, we are enjoying what we are doing thoroughly, we are very proud of the impact we have created for our people, customers and society," indicating no change in stand of the management on the issue.
The mid-sized IT firm, which declared its third quarter financial numbers registered a sequential dollar revenue growth of 2.1 per cent, with revenues coming in at 251.5 million dollars. However, the net profit declined 7.5 per cent sequentially from $29.1 million last quarter to $26.9 million this quarter.
The net client addition also saw a marginal decline from 341 to 340 sequentially. The operating margins, however, saw an improvement of 50 basis points coming in at 15.9 per cent compared to 15.45 per cent last quarter. With the TCV or the total contract value coming in at $256 million around 5 per cent lower than last quarter, the management still remained bullish on account of high deal win ratios.
The management said the cumulative TCV for the current financial year was growing at a similar rate to that of the company's top line. On the back of a strong deal pipe line, the company is confident to beat Nasscom's growth rate of 7-9 per cent. The board has also approved an interim dividend of Rs 3 per share.