L&T-owned Mindtree third quarter profit rises 29% to Rs 327 crore

The company posted a profit of Rs 254 crore in Q2 FY21

L & T-owned digital transformation company Mindtree reported 28.7 per cent sequential growth in consolidated profit at Rs 327 crore for the quarter ended December 2020 as compared to Rs 254 crore in Q2 FY21.

Consolidated revenue grew by 5.1 per cent quarter-on-quarter to Rs 2,024 crore and dollar revenue increased by 5 per cent to USD 274.1 million during the October to December period 2020.

The bounce in numbers was backed by growth across verticals and robust margin expansion with a strong order book.

"The third quarter has by far been the best performing in recent years, backed by broad-based revenue growth of 5 per cent across verticals and service lines, robust margin expansion of 350 basis points and a healthy order book of USD 312 million (against USD 303 million in Q2FY21)," said Debashis Chatterjee, Chief Executive Officer and Managing Director.

"We are witnessing strong business momentum across all verticals with significant demand for cloud, data and analytics capabilities. Thanks to the strategic focus and hard work of Mindtree Minds, we are now well-positioned to continue delivering profitable growth," he added.

Mindtree added eight new clients during the quarter, taking the active clients list to 276 as of December 2020. With 22,195 employees, Mindtree had trailing 12 months attrition at 12.5 per cent.