Industry

Mindtree net jumps 65.7% to ₹326.5 crore

Mindtree on Monday reported third-quarter net profit jumped 65.7% to ₹326.5 crore on strong demand for cloud and digital services. Profit a year-earlier was ₹197 crore.

The company’s profit on a sequential basis grew by 28.7% from ₹253.7 crore in the September quarter of the current fiscal.

Consolidated revenue grew 3% to ₹2,023.7 crore in Q3 from ₹1,965.3 crore and ₹1,926 crore a year earlier and a quarter earlier, respectively.

Mindtree said it witnessed strong business momentum across verticals with demand for cloud, data, digital transformation and analytics on the rise.

Company CEO and MD, Debashis Chatterjee said, “Our third quarter has by far been the best performing in recent years backed by broad-based revenue growth of 5% across our verticals and service lines, robust margin expansion of 350 bps, and a healthy order book of $312 million.” ”We continue to capitalise 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,’’ he added.

Mindtree’s net profit, in dollar terms, grew 59.3% yoy at $44.2 million, however, revenue slightly declined 0.4% to $274.1 million in the third quarter compared to the same period last year.

The company added eight new clients in Q3, taking its total active client base to 276, it said in an earnings call.

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Printable version | Mar 1, 2021 4:23:44 AM | https://www.thehindu.com/business/Industry/mindtree-q3-profit-jumps-to-3265-crore/article33603199.ece

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