Mindtree net profit rises 65% to Rs 326 crore in December quarter

On a sequential basis, net profit grew 28.7 per cent and revenue was up 5.1 per cent.

IT firm Mindtree on Monday clocked a 65.7 per cent rise in consolidated net profit to Rs 326.5 crore for the December 2020 quarter.
 

The company had posted a net profit of Rs 197 crore in the corresponding period last year, Mindtree said in a regulatory filing. The Bengaluru-based firm saw its revenue grow 3 per cent to Rs 2,023.7 crore in the quarter under review from Rs 1,965.3 crore in the year-ago period, it added.

In dollar terms, its net profit rose 59.3 per cent to $44.2 million, while revenue declined marginally to $274.1 million in the December 2020 quarter over the year-ago period.

At the end of the December 2020 quarter, the firm’s active client base stood at 276, and eight new clients were added during the quarter, the filing said. Mindtree had 22,195 employees at the end of the December 2020 quarter, with trailing 12-month attrition at 12.5 per cent.

“Our third quarter has by far been the best performing in recent years backed by broad-based revenue growth of 5 per cent across our verticals and service lines, robust margin expansion of 350 bps (basis points), and a healthy order book of $312 million,” Mindtree CEO and Managing Director Debashis Chatterjee said.

He added the firm is witnessing strong business momentum across all verticals with a significant demand for cloud, data and analytics capabilities. “We continue to capitalise on the evolving market dynamics with solutions that help enterprises navigate the new normal and grow their businesses,” he said.