Mindtree Q3 consolidated net jumps 66% to ₹327 cr


IT major Mindtree on Monday reported 66% rise in consolidated net profit at 327 crore for the quarter ending 31 December, 2020. It was 197 crore in the year-ago period.

Consolidated revenue from operations increased 3% to 2,024 crore as against 1,965 crore in December 2019. Dollar revenue decreased 0.4% on an annual basis at $274.1 million.

On Monday, the company’s scrip on NSE closed 2% lower at 1,658.45.

“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 350 bps, and a healthy order book of $312 million,” 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,” he added.

“Mindtree partnered with a large global airline, as a strategic technology partner, to enhance consumer experience on mobile digital platforms. We will provide application development and maintenance services to enhance the features of the mobile application along with underlying services layer. A world-leading sportswear brand selected Mindtree as a strategic partner for a multi-year engagement to provide application development services to accelerate their journey towards a product led and outcome-oriented organization,” the company said about its deal wins in Q3.

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