Business

L&T’s Naik is non-executive chairman of Mindtree

Larsen & Toubro-acquired Mindtree has appointed A.M. Naik (Anilkumar Manibhai Naik) as the non-executive chairman of the company with effect from July 18, 2019.

“Naik mirrors the defining characteristics of the company, viz., professionalism, customer-centricity, fidelity to core values, and a passionate commitment to serving the interests of country, cause and community,” Mindtree said in a filing with the stock exchange on Wednesday.

Mr. Naik, the group chairman of L&T, is the fourth L&T official to come on the board of Mindtree now. Last month, L&T secured three board positions at Mindtree, bringing in S.N. Subrahmanyan (L&T CEO and MD), Jayant Damodar Patil and Ramamurthi Shankar Raman.

Mr. Naik has been working with L&T in the last over 54 years. He also led the company for over 20 years.

Meanwhile, Mindtree reported a 10.3% year-on-year (y-o-y) revenue growth during the quarter ended June 30.

The company posted a revenue of $264.2 million, a growth of 0.8% q-o-q and 9.4% y-o-y.

In constant currency terms, it posted a growth of 1.1% q-o-q/10.3% y-o-y. It posted a 52.7% q-o-q and 42.7% y-o-y dip in net profit at $13.4 million.

The company’s total revenues stood at ₹1834.2 crore, a decline of 0.3% q-o-q and a growth of 11.9% y-o-y. Net profit at ₹92.7 crore, a decline of 53.3% q-o-q and 41.4% y-o-y.

“We have delivered stable results in the face of many uncertainties reflecting the unique strength of Mindtree,” said its outgoing CEO Rostow Ravanan.

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Printable version | May 30, 2020 7:48:41 PM | https://www.thehindu.com/business/lts-naik-is-non-executive-chairman-of-mindtree/article28525940.ece

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