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Mindtree Q2 results: Net profit jumps 88% to Rs 254 crore; interim dividend announced

Mindtree on Thursday reported a 87.9 per cent rise in consolidated net profit to Rs 253.7 crore for the second quarter of FY21 as against Rs 135 crore in the corresponding period last year

twitter-logoBusinessToday.In | October 15, 2020 | Updated 18:29 IST
Mindtree Q2 results: Net profit jumps 88% to Rs 254 crore; interim dividend announced
Mindtree

Mindtree on Thursday reported a 87.9 per cent rise in consolidated net profit to Rs 253.7 crore for the second quarter of FY21 as against Rs 135 crore in the corresponding period last year. The revenue grew marginally to Rs 1,926 crore in the quarter under review from Rs 1,914.3 crore in the year-ago period, Mindtree said in a regulatory filing.

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

The company's active client base stood at 283, and eight new clients were added during the period, the Bengaluru-headquartered company 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," Mindtree Chief Executive Officer and Managing Director Debashis Chatterjee said.

"Our approach of redefining possibilities in the new normal for businesses enabled us to deliver a balanced H1 (first half of the fiscal) performance," Chatterjee also said.

The board of directors has declared an interim dividend of Rs 7.5 per equity share of par value of Rs 10 each. The record date for payment of interim dividend will be October 27, 2020.

The company also said that it has gained deals worth $303 million in the second quarter of the ongoing fiscal.

Meanwhile, shares of Mindtree ended Rs 1,424.85, down Rs 127.05, or 8.19 percent on the BSE.

Also read: Infosys to roll out salary hikes, promotions from Jan 1; give 100% variable pay

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