{"id":59706,"date":"2018-01-17T22:32:32","date_gmt":"2018-01-17T22:32:32","guid":{"rendered":"http:\/\/www.bnreport.com\/mindtree-q3-profit-up-14-on-strong-execution\/"},"modified":"2018-01-17T22:32:32","modified_gmt":"2018-01-17T22:32:32","slug":"mindtree-q3-profit-up-14-on-strong-execution","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/mindtree-q3-profit-up-14-on-strong-execution\/","title":{"rendered":"Mindtree Q3 profit up 14% on strong execution"},"content":{"rendered":"

BENGALURU: Mid-tier IT services firm Mindtree<\/a> reported 13.8 per cent rise in net profit to $22 million and 3.9 per cent growth on revenues to $214.3 million for October-December quarter on strong execution. <\/p>\n

The Bengaluru-headquartered company's net profit stood at $ 19.3 million on revenues of $ 206.2 million during the July-September quarter. <\/p>\n

Mindtree said it foresees a high single-digit growth for the fourth quarter (January-March 2018) of this fiscal and the subsequent period on the back of steady multi-year and multi-million order book. <\/p>\n

During this period, the company posted a net profit of Rs. 141 crore; while revenues stood at Rs.1377 crore in Rupee<\/a> terms. <\/p>\n

"This has been our best Q3 since 2011 which is typically seasonally a weak quarter for the industry," said Rostow Ravanan, CEO & Managing Director, Mindtree, adding that "a combination of strong revenue growth, focused approach in execution and cost efficiency, and absence of a one-off restructuring item in third quarter (Q2 saw $2 million hit due to workforce restructuring in Europe) led to growth in profitability". <\/p>\n

Last week, Mindtree's larger peers Tata Consultancy Services<\/a> and Infosys<\/a> posted 1 per cent growth in dollar revenue on a sequential basis. <\/p>\n

Analysts said the company has beaten estimates and posted a higher operating margin of 15.1 per cent on the back of strong revenue and cost efficiency. <\/p>\n

Mindtree saw sluggish quarterly growth early this fiscal as some of its large clients witnessed slowdown. The company said "those accounts are now back into higher growth". "We definitely see a strong traction in the marketplace, pipeline is continuously getting refreshed," added Ravanan. <\/p>\n

Mindtree's digital technology<\/a> services accounted for more than 40 per cent of its revenues. <\/p>\n

Ravanan said the company is at least one or two quarters away from stabilising Magnet360 and Bluefin \u2013 acquired entities that have dragged Mindtree's margin for the past few quarters. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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