Information Technology (I-T) firm Mindtree has recorded a 34 per cent jump in its third quarter (October-December 2021) consolidated net profit to Rs 437.5 crore. Buoyed by the results, it expressed confidence that the growth momentum will continue due to robust demand.
It had posted a net profit of Rs 326.5 crore in the corresponding period of last year. Mindtree’s revenue grew by around 36 per cent to Rs 2,750 crore in the quarter under review from Rs 2,023.7 crore in the year-ago period.
“Our endeavour has been to have the industry-leading profitable growth and we are still sticking to that. If you look at the momentum that we have generated over the last five quarters, we believe that given the demand scenario, that momentum should continue,” Mindtree CEO and Managing Director Debashis Chatterjee said.
He added that while the company is keeping a watch on the pandemic situation, there should not be too much of an impact.
“Overall, I think we are going to see the momentum continue into fourth quarter as well. In terms of going forward, clients are still not done with their budgeting cycles, but at a broad level, the demand that we see at a macro level, I think we are very confident that the demand environment is strong, and growth is here to stay at a very high level,” he said.
Mr Chatterjee said the company has continued its positive revenue momentum through the third quarter of 2021-22 on the back of robust demand, aggressive customer mining, and end-to-end digital transformation capabilities.
“To meet the growing client demand for our services, we have re-energised our recruitment engine. We are not only on track to meet our aggressive hiring targets for 2021-22 but also expect to significantly increase hiring in the coming quarters,” he further informed, adding that the company is also tapping into tier-II and -III cities, setting up offices in Coimbatore and Warangal.