Mindtree Q2 net rises 88%to ₹253.7 crore


IT services firm Mindtree reported an almost 88% year-on-year increase in its second quarter net profit to ₹253.7 crore. Revenue rose 0.6% to ₹1,926 crore.

“I am pleased and encouraged with our performance in delivering a broad-based growth with revenue of $261 million and EBITDA of 19.6% for the quarter. Our approach of redefining possibilities in the new normal for businesses enabled us to deliver a balanced H1 performance,” said Debashis Chatterjee, CEO and MD, Mindtree. He added: “This has helped to reinforce confidence on our strategy to build on existing strengths and drive profitable growth by being the business transformation partner for our clients, developing future ready talent and delivering value to all our stakeholders.”

Towards the end of the quarter, the company had 283 active clients.The firm added eight new clients during the quarter.

“Technology clearly is the focal point for business continuity and growth under the new normal. Clients are increasingly wanting to reimagine the business model and digital getting a lot of importance in this context,’’ he said.

“Our revenue momentum is back on track. Green shoots are visible in the travel, hospitality and transportation sector while growth momentum is picking up for other sectors as well,” said Mr. Chatterjee.

According to the company, communication, media and technology segments accounted for almost 50% of the company’s revenues. The top 10 customers also brought about half of its revenues. During the first half of the financial year, the company reported a deal win of $694 million.

Mindtree said it would give increments to its 21,000 employees in January 2021. The firm declared an interim dividend of ₹7.5 apiece on the shares which have face value of ₹10 each.

The company’s attrition rate over the trailing 12 months period was 13.8% as against 18.2 % a year ago.

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