Mindtree Q2 results: IT firm's net profit rises 88% to Rs 253.7 cr

IT firm Mindtree on Thursday reported a 87.9 per cent rise in consolidated net profit to Rs 253.7 crore for the September 2020 quarter.

The company had posted a net profit of Rs 135 crore in the corresponding period last year, Mindtree said in a regulatory filing.

The Bengaluru-based company saw its revenue grow marginally to Rs 1,926 crore in the quarter under review from Rs 1,914.3 crore in the year-ago period, it added.

In dollar terms, its net profit rose 79.2 per cent to USD 34.3 million, while revenue declined 3.7 per cent to USD 261 million in the September 2020 quarter over the year-ago period.

At the end of the September 2020 quarter, the company's active client base stood at 283, and eight new clients were added during the quarter, the filing said.

Mindtree had 21,827 employees at the end of the September quarter with trailing 12-months attrition at 13.8 per cent.

"I am pleased and encouraged with our performance in delivering a broad-based growth.

"Our approach of redefining possibilities in the new normal for businesses enabled us to deliver a balanced H1 (first half of the fiscal) performance," Mindtree Chief Executive Officer and Managing Director Debashis Chatterjee said.

The board of directors has declared an interim dividend of Rs 7.5 per equity share.

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Free Press Journal