Mindtree Q3 PAT rises 29% QoQ to Rs 326 cr

On a consolidated basis, the IT company's net profit rose 28.7% to Rs 326.5 crore on 5% increase in revenue to Rs 2,023.7 crore in Q3 December 2020 (Q3 FY21) over Q2 September 2020 (Q2 FY21).

The company's consolidated net profit jumped 65.74% and revenue rose 3% in Q3 FY21 over Q3 FY20.

EBITDA grew 23.7% to Rs 467.9 crore in Q3 FY21 over Q2 FY21. Profit before tax (PBT) in Q3 FY21 stood at Rs 445.1 crore, up by 29.1% from Rs 344.7 crore in Q2 FY21. Total tax expense increased by 30.3% to Rs 118.6 crore in Q3 FY21 over Q2 FY21.

In dollar terms, the revenue stood at $274.1 million, registering a growth of 5% quarter-on-quarter (Q-o-Q) and a decline of 0.4% year-on-year (Y-o-Y) in Q3 FY21. The net profit stood at $44.2 million, recording a growth of 28.6% Q-o-Q and 59.3% Y-o-Y in Q3 FY21.

The company reported strong deal wins of $312 million, crossing $1 billion YTD. There are currently 276 active clients as of 31 December 2020. Mindtree said that it added eight new clients during the quarter.

The company had 22,195 employees as of 31 December 2020. Trailing 12 months attrition rate stood at 12.5% in quarter ended December 2020 as against 17.2% in the same period last year.

Our third quarter has by far been the best performing in recent years backed by broad-based revenue growth of 5.0% across our verticals and service lines, robust margin expansion of 350bps, and a healthy order book of $312M, said Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree. "We are witnessing strong business momentum across all verticals with a significant demand for cloud, data and analytics capabilities. We continue to capitalize on the evolving market dynamics with solutions that help enterprises navigate the new normal and grow their businesses. Thanks to the strategic focus and hard work of our Mindtree Minds, we are now well-positioned to continue delivering profitable growth.

Shares of Mindtree fell 2.17% to Rs 1660.60 on Monday. MindTree is an international information technology consulting and implementation company that delivers business solutions through global software development.

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