Info-tech

Mindtree Q2 net zooms 88% YoY amid tepid revenue growth

Our Bureau. Bengaluru | Updated on October 15, 2020 Published on October 15, 2020

Debashis Chatterjee, CEO & MD

Sequential profit up 19%; to give pay hike in January

L&T-owned mid-tier IT services firm Mindtree on Thursday reported a net profit of ₹253.7 crore for the quarter ended September, a 19.1 per cent rise over the June quarter.

However, compared to the corresponding quarter of the previous year, its profit rose 87.9 per cent.

The company had reported a net profit of ₹213 crore in Q1 FY21 and ₹135 crore in Q2 FY20. Its revenue stood at ₹1,926 crore, up 0.91 per cent quarter-on-quarter (QoQ) and 0.6 per cent year-on-year (YoY).

“I am pleased and encouraged with our performance in delivering a broadbased growth with revenue of $261 million and EBITDA of 19.6 per cent for the quarter. Our approach of redefining possibilities in the new normal for businesses enabled us to deliver a balanced H1 performance,” said the company’s MD and CEO Debashis Chatterjee.

 

“This has helped to reinforce confidence in 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,” he added.

“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,” he added.

 

According to the company, the communication, media and technology segment accounted for almost 50 per cent of its revenues. The top 10 customers also brought in about half of its revenues.

Increment and dividend

Mindtree will give out increments to its 21,000 employees in January 2021. It also declared an interim dividend of ₹7.50 per share on shares of face value of ₹10 each.

The company's attrition rate over the trailing 12 months period was 13.8 per cent, against 18.2 per cent a year ago.

Also read: Mindtree rejigs strategy, to focus on large accounts

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on October 15, 2020
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.