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L&T completed the Rs 10,000 crore hostile takeover of Mindtree in mid-2019
L&T completed the Rs 10,000 crore hostile takeover of Mindtree in mid-2019

Mindtree reports 46 pc jump in Q3 net profit at Rs 197 crore

ANI | Updated: Jan 15, 2020 11:23 IST

Bengaluru (Karnataka) [India], Jan 15 (ANI): L&T-owned digital transformation company Mindtree has reported 45.9 per cent increase in its net profit at Rs 197 crore for the third quarter of current fiscal year (Q3 FY20) against Rs 135 crore in the previous quarter.
However, the rise was only 3 per cent in the same quarter of previous fiscal. Significantly, the revenue rose by 2.7 per cent to Rs 1,965 crore in Q2 FY20 but 10 per cent in the year-ago period (Q3 FY19).
"We continue to execute our growth strategy, proactively incubate deals by mining strategic clients and nurture a learning-led culture," said Managing Director and CEO Debashis Chatterjee.
"The recently-concluded annual customer experience survey results depict industry-leading scores, indicating our exceptional work in delivering quality services to our clients," he said in a statement.
Among verticals, while hi-tech and media grew by 15 per cent on a year-on-year basis, banking, financial services and insurance (BFSI) rose by 7.7 per cent during the quarter. The digital business moved up by13.5 per cent year-on-year in this period.
The company had a headcount of 21,561 at the end of Q3, with an attrition rate of 17.2 per cent.
"Automation is playing a significant role in modernising our technology service delivery, enhancing both efficiency and speed-to-results for our clients," the company said.
"We are proud to report our BOTs strength that autonomously works along-side our Mindtree Minds, enabling our team to do more and accomplish larger goals. We have 715 BOTs employed as of December 31, 2019."
On June 30 last year, L&T completed its Rs 10,000 crore hostile takeover of Mindtree through an open offer and was categorised as its promoter after the acquisition of a 60.06 per cent stake in the company.