October 23, 2007 - Bangalore, India

MindTree Consulting Records Strong Second Quarter; Total Income Grows 17% QoQ, PAT Up 34.6% QoQ

MindTree Consulting Ltd., a global IT and R&D Services Company, announced its results today for the quarter and half year ended September 30, 2007 as approved by its Board of Directors.

Financial Highlights for the Second Quarter Ended September 30, 2007

• Total Income increased by 17% quarter over quarter (QoQ) and 41.2% year over year (YoY) to $47.4 Million. Total Income grew by 14.4% QoQ and 23.4% YoY in rupee terms.
• Profit After Tax (PAT) increased by 34.6% QoQ and 38.7% YoY in dollar terms to $6.7 Million. PAT grew by 31.8% QoQ and 21.2% YoY in rupee terms.
• IT Services revenue grew by 15.1% and R&D Services by 15.7% QoQ in dollar terms.
• Utilization (excluding trainees) increased to 69.1% in Q2 against 65.1% during the previous quarter.
• Volumes grew strongly by 12.7%.
• The share of the Company’s annuity business increased from 33% in Q1 to 36.7% in Q2.
• The Board of Directors recommended an interim dividend of Re 1 per share (10% on an equity share of par value of Rs 10).

Other Q2 2007-08 Highlights

• MindTree added 28 new clients during the quarter, taking its active client base to 192. Three of these 28 customers are Fortune 500 companies, including a global financial services firm, a world leader in consumer electronics and a global beverages leader.
• The Company increased its large account portfolio and deepened some of the existing client relationships during the quarter. It has increased the number of $1 Million clients from 34 to 41.
• Gross people addition during the quarter was 784, taking the total number of MindTree Minds to 4,896 as of September 30, 2007.
• During the quarter, MindTree inducted 460 people from campuses across India.
• The construction of MindTree’s development center in Chennai is on schedule. The Company expects to begin occupying the center during the third quarter of 2007-08.
• With a focus on further strengthening its presence in the European market, MindTree opened an office in The Hague, Netherlands during the quarter.

Commenting on the Q2 2007-08 results, MindTree Consulting Chairman & Managing Director Ashok Soota said, “I am pleased with our strong growth in revenues and profitability during the quarter, which we have achieved despite the continued appreciation of the rupee. In the backdrop of a strong business environment, we are confident of achieving our revenue target of $178-180 Million and profit target of $22.5-22.6 Million for 2007-08.”

About MindTree Consulting

MindTree Consulting is a global IT and R&D Services Company co-headquartered in the U.S. and India.  With a passion for customer satisfaction, MindTree partners with its clients to create a transparent, value-based relationship.  Our domain experts deliver business-enabling solutions by leveraging a consulting led, framework-based and IP-driven approach.  MindTree's IT Services business provides a range of services to CIOs across a variety of industry segments.  Our R&D Services business works with Technology companies to help build innovative products by providing Product Realization services.

MindTree was named among the Top 30 offshore service providers by the International Association of Outsourcing Professionals and Fortune Magazine. Widely known for its focus on human capital development, MindTree has been consistently rated as the most admired employers by several industry surveys, including Hewitt Associates and Mercer/TNS, and is also the winner of the MAKE Award for knowledge management. MindTree is publicly listed in India. Please visit us at www.mindtree.com .

Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

For more information, contact:

Manoj Chandran
MindTree Consulting
091-080-26711777
manoj_chandran@mindtree.com

Ashwini Jonnakadla
Brand-Comm
080-25539258/091-9880198013
ashwini@brand-comm.com