MARKETS

Mindtree Net Profit Increases 88% to Rs 254 Crore in Q2 Results

On Thursday, IT services firm Mindtree reported 87.9 per cent increase in its net profit at Rs 253.7 crore for the quarter ended on 30 September, 2020, against a net profit of Rs 135 crore in the same quarter previous year.
In US dollar terms, the Larsen & Toubro group-owned Mindtree Ltd. had a growth of 79.2 per cent on a year-on-year (YoY) basis in its net profit of $34.3 million and 21.5 per cent growth on a quarter-on-quarter (QoQ) basis.
The company’s revenue grew by 0.6 per cent to Rs 1,926 crore, on a YoY basis and in dollar terms, revenue was at $261 million, 3.7 per cent up on YoY and 3.1 per cent up on a QoQ basis.
The share from the company’s biggest North America market declined, constituting about 77.4 per cent of the total revenue which was 79 per cent in the June quarter.
Mindtree has added nine new clients during the quarter and currently has 283 active clients. It has also added one more client taking it to 24 such clients of $10 million. At the end of September it had 21,827 employees down from 21,955 employees at the end of June.
The firm has also declared an interim dividend of Rs 7.5 per share.

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