Third quarter has been best performing in recent years: Mindtree CEO

Mindtree, a global technology services and digital transformation company guiding its clients to achieve faster business outcomes, announced its consolidated results on Monday for the third quarter ended December 31, 2020, as approved by its board of directors.

“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 350bps, 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.”

For the quarter ended December 2020, revenue was at $274.1 million (growth of 5 quarter on quarter and decline of 0.4 per cent year on year. Net profit was at $44.2 million, a growth of 28.6 per cent quarter on quarter and 59.3 per cent year on year.

It has 276 active clients as of December 31, 2020 and 8 new clients were added during the quarter.

On Q3 deal wins with leading global clients, Mindtree announced being chosen to drive the digital transformation journey of a leading global wind turbine manufacturer. As part of this five year deal, Mindtree will simplify, modernize, and transform the entire IT landscape of the client globally, while providing scalability to support the company’s growth plans.

Mindtree partnered with a large global airline, as a strategic technology partner, to enhance consumer experience on mobile digital platforms. It will provide application development and maintenance services to enhance the features of the mobile application along with underlying services layer.

A world-leading sportswear brand selected Mindtree as a strategic partner for a multi-year engagement to provide application development services to accelerate their journey towards a product led and outcome-oriented organization. Mindtree has been selected by a US based diverse insurance and reinsurance provider to provide end to end IT infrastructure management and cloud services, resulting in enhanced efficiency and speed of business standardization.