Mindtree Q3 net profit rises 3% to Rs 197 crore, revenues up around 10%

Mindtree on Tuesday reported a three per cent rise in its net profit at Rs 197 crore for the third quarter of financial year 2019-20 (Q3FY20). The company had posted a net profit of Rs 191.2 crore in the corresponding period a year ago.

The Bengaluru-headquartered company’s revenues grew around 10 per cent to Rs 1,965 crore for the quarter ended December. In dollar terms, revenues increased around 10 per cent year-on-year YoY to $275.2 million during this period.

“As we continue to grow revenue, our sharp focus on driving profitable growth has resulted in expansion of operating margin by 2.6 per cent,” said Debashis Chatterjee, chief executive officer and managing director, Mindtree. “We continue to execute our growth strategy, proactively incubate deals by mining strategic clients and nurture a learning-led culture.” Operating margin of the IT firm stood at 15.9 per cent in Q3.

Among verticals, while hitech and media grew 15 per cent on YoY basis, BFSI (banking, financial services and insurance) rose 7.7 per cent during the quarter. Digital business of Mindtree grew 13.5 per cent YoY in this period.

The company had a headcount of 21,561 at the end of Q3, with an attrition rate of 17.2 per cent.