Mindtree Limited is an Indian multinational information technology and outsourcing company headquartered in Bangalore, India and New Jersey, USA. It is part of the Larsen & Toubro group. Founded in 1999, the company employs approximately 21,991 employees with an annual revenue of ₹7839.9 crore.
Shares of Mindtree Ltd rallied over 5 percent in early trade on Tuesday after the midcap IT company reported strong earnings for the third quarter of fiscal 2021, beating the street estimates. The company clocked a 28.7 percent sequential growth in consolidated profit at Rs 326.5 crore for the quarter ended December 2020. Analysts polled by CNBC-TV18 had estimated a net profit of Rs 270.5 crore. Consolidated revenue rose 5.1 percent to Rs 2,023.7 crore from Rs 1,926 crore and dollar revenue rose 5 percent sequentially to $274.1 million during the quarter.
CNBC-TV18 had an estimated revenue of Rs 2,007 crore and dollar revenue of $272 million. “Our third quarter has by far been the best performing in recent years backed by broad-based revenue growth of 5 percent across our verticals and service lines, robust margin expansion of 350 bps (basis points), and a healthy order book of USD 312 million,” Mindtree CEO and Managing Director Debashis Chatterjee said.
He added that the company is witnessing strong business momentum across all verticals with significant demand for cloud, data and analytics capabilities. EBIT during Q3FY21 surged 18.8 percent sequentially to Rs 396.2 crore, while EBIT margin expanded by 230 bps QoQ to 19.6 percent.
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