Mindtree revises hedging policy after forex loss

After a foreign exchange loss of Rs 27.2 crore in the quarter ended December, mid-size information technology (IT) services company Mindtree has decided to change its hedging policy to quarterly from annual.

The Bangalore-based company has seen a sharp difference in earnings over the past few quarters, thanks to annual hedging. The rupee was extremely volatile in the period. It booked forex gains of Rs 20 crore and Rs 14.2 crore in the past quarter and the year-ago period, respectively. It's decision is in line with others in the sector.