Bangalore (India): IT Firm Mindtree – a Larsen & Toubro group company, announced Q3 results and reported a 65% increase in consolidated net profit for the third quarter ended December 31, 2020. Mindtree is rolling out Salary Hike for 2020; Mindtree also formed a task force to study Hybrid Work from Home Model.
Mindtree Q3 FY21 Highlihtes:
Financial Results in USD and INR:
- Revenue at ₹2023.7 Crores [growth of 3% compared to the last year]
- Net profit at ₹326.5 Crores[growth of 65.7% compared to the last year]
- Revenue at $274.1 million[growth of 0.4% compared to the last year]
- Net profit at $44.2 million[an increase of 59.3% compared to the previous year]
- Mindtree added 276 active clients as of December 31, 2020, including 8 new clients added during the quarter.
- Mindtree has a total of 22,195 employees as of December 31, 2020
- Mindtree’s attrition rate is 12.5% in the Trailing 12 months.
There is news for Mindtree Employees about salary hikes and Bonuses. Earlier Mindtree has announced the Salary hike for 2020 in Mid October, and Mindtree has confirmed now that it is rolling out the salary hike for employees this month.
During an interview with Zee Business, Vinit Teredesai, Chief Financial Officer, Mindtree, said Mindtree had established a task force name ‘Work of the Future’ to study various factors related to Mindtree Work From Home. The task force will provide the WFH percentage of people, home office upgrades, and various other topics.
According to Mindtree, Executive Director and President, Global Markets, Venu Lambu, the company is looking at acquiring companies with $50 million to $100 million to enhance its digital capabilities. He added, “digital capabilities are one of our strategic priorities as well and. If we see a strategic fit in areas that enhance our digital capabilities, we are open for acquisition.”
Mindtree had a dramatic acquisition by the L&T group. The company did not layoff any employees due to the Covid-19 pandemic and honored all offers to its campus-selected freshers.