Mindtree Q1 net profit more than doubles to Rs 213 crore

IT firm Mindtree on Tuesday reported a 129.8 percent rise in consolidated net profit at Rs 213 crore for the June 2020 quarter.

The company had posted a net profit of Rs 92.7 crore in the same period last year, Mindtree said in a regulatory filing.

The Bengaluru-based company saw its revenue grow 4.1 percent to Rs 1,908.8 crore in the quarter under review from Rs 1,834.2 crore in the year-ago period, it added.

In dollar terms, net profit rose 111.7 percent to USD 28.3 million, while revenue declined by 4.1 percent to USD 253.2 million in the June 2020 quarter over the year-ago period.

At the end of June 2020 quarter, the company's active client base stood at 292, and six new clients were added during the quarter, the filing said.

Mindtree had 21,955 employees at the end of the June quarter with trailing 12-months attrition at 16.6 percent.

"We closed the quarter with a healthy order book of USD 391 million despite the global headwinds due to the COVID-19 pandemic. Our unwavering focus on operational efficiencies has helped us to post healthy earnings before interest, taxes, depreciation, and amortisation (EBITDA) of 18.2 percent," Mindtree CEO and Managing Director Debashis Chatterjee said.

With a client-first approach, future-ready talent coupled with an increase in digital demand, Mindtree is confident of strengthening its position in the market and driving profitable growth in these unprecedented times, he added.