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Mindtree Q3 results: Net profit surges 66% to Rs 326.5 crore; revenue up 3%

Mindtree Q3 results: The consolidated revenue rose by 3 per cent to Rs 2,023.7 crore in December quarter of FY21 from Rs 1,965.3 crore in the year-ago period

twitter-logoBusinessToday.In | January 18, 2021 | Updated 17:24 IST
Mindtree Q3 results: Net profit surges 66% to Rs 326.5 crore; revenue up 3%
In dollar terms, Mindtree's net profit rose by 59.3% YoY to $44.2 million

Mindtree, now a Larsen & Toubro group company, on Monday reported a 65.7 per cent jump in consolidated net profit to Rs 326.5 crore for the third quarter ended December 31, 2020 as against Rs 197 crore in the corresponding period last year. On the quarter-on-quarter basis, the profit grew by 28.7 per cent from Rs 253.7 crore in September quarter of the current fiscal.

The consolidated revenue rose marginally by 3 per cent to Rs 2,023.7 crore in Q3 FY21 from Rs 1,965.3 crore in the year-ago period, Mindtree said in a regulatory filing. The consolidated revenue stood at Rs 1,926 crore in September quarter of 2020.  

In dollar terms, its net profit was up 59.3 per cent YoY at $44.2 million, while revenue declined 0.4 per cent YoY to $274.1 million in Q3 FY21 over the year-ago period.  

During the quarter under review, the company's active client base was at 276, while it added eight new clients during the period.  

Mindtree had 2,21,195 employees at the end of the December quarter with trailing 12-months attrition was at 12.5 per cent.  

"Our third quarter has by far been the best performing in recent years backed by broad-based revenue growth of 5 per cent 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," Chatterjee added.

Meanwhile, shares of Mindtree settled at Rs 1,660.60, down 2.17 per cent, against the previous closing price of Rs 1,697.35 on the BSE. The stock hit an intraday high of Rs 1706.05 and intraday low of Rs 1652.6, while market cap stood at Rs 27,353.36 crore.

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

Also Read: HDFC Bank Q3 results: Net profit rises 18% to Rs 8,758 crore; NII grows 15%

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