Mindtree Q3 net profit up 3 pc to Rs 197 cr

IT firm Mindtree on Tuesday reported a 3 per cent rise in consolidated net profit at Rs 197 crore for the December 2019 quarter.

The company had posted a net profit of Rs 191.2 crore in the same period last year, Mindtree said in a regulatory filing.

The Bengaluru-based company saw its revenue grow about 10 per cent to Rs 1,965.3 crore in the quarter under review from Rs 1,787.2 crore in the year-ago period, it added.

In dollar terms, net profit rose 3.1 per cent to USD 27.7 million, while revenue increased 9.4 per cent to USD 275.2 million in the said quarter over the year-ago period.

In July last year, Larsen and Toubro (L&T) had acquired control of Mindtree with 60.06 per cent stake.

At the end of December 2019 quarter, the company's active client base stood at 320. It had 21,561 employees at the end of the third quarter with trailing 12-months attrition at 17.2 per cent.

"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 and a rise in net profit by 44.7 per cent as compared to previous quarter," Mindtree CEO and Managing Director Debashis Chatterjee said.

He added that the company continues to execute its growth strategy, proactively incubate deals by mining strategic clients and nurture a learning-led culture.