Home Business IT services and outsourcing company Mindtree’s net profit rises 37.2%

IT services and outsourcing company Mindtree’s net profit rises 37.2%


(G.N.S) Dt. 18


Information technology services and outsourcing company Mindtree’s net profit rose 37.2% in the third quarter ended December on the back of growth in the digital and hospitality business.

Net profit increased from Rs. 1.03 billion in the December 2016 quarter to Rs. 1.42 billion in Q3 of 2017-18, according to a filing on the BSE on Wednesday. Revenue grew 6.4% year-on-year to Rs. 13.8 billion.

“These strong results also reflect our ongoing leadership in digital, and our unique ability to be the core digital anchor-partner for next-generation digital transformations,” said Rostow Ravanan, CEO & managing director, Mindtree. More than 40% of revenue came in from the digital business, Mr. Ravanan said during a conference call.

Digital business grew 7.1% quarter-on-quarter and 24.2% year-on-year. Travel and hospitality sector shot up by 9.3% while retail, consumer packed goods and manufacturing grew 5.8%.

Independent testing registered a growth of 8.4% quarter-on-quarter and 11.7% year-on-year.

The company had “multi-year, multi-million dollar” global client wins in providing digital transformation, quality assurance and technology operations services for a leading industry association in the education sector and to provide managed services for a leading technology company, according to the filing.

It also won a deal to act as an anchor digital partner for an enterprise-wide transformation initiative for a large beauty care company.

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