The stock of MindTree has been on a roll over the past one year. As with some high quality mid-tier IT players that have been on a sound growth path, leading to the markets favouring such stocks, the company recorded strong growth in its financials.

After experiencing a set of tumultuous events such as the Kyocera ramp down, smartphone project abandonment and Mr Ashok Soota's exit, MindTree has managed to bounce back in FY12.

During 2011-12, while revenues grew by 27.4 per cent over FY11, net profits expanded massively by over 115 per cent.

The company focussed on fewer segments and gave enhanced thrust on the banking and financial services (BFSI) vertical. The BFSI vertical, from being a small contributor to revenues a few years ago, has become the largest with nearly 21 per cent of the overall pie coming from this segment.

MindTree also has an excellent offshore-onsite mix. It derives 65.5 per cent of revenues from services delivered from offshore locations, mainly India, which is among the best in the industry. The company's service-mix makes it relatively immune to the discretionary spends of clients.

Customer addition, especially of large-sized ones ($5-20 million) too has been pretty healthy.

The volume (billed hours) growth in recent quarters has been quite robust, though pricing in the recent March quarter showed a decline.

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