Mindtree Q2 net profit rises 27%, beats estimates on strong order wins

Mindtree Ltd reported a 27.5% jump in second-quarter earnings on Thursday, as the Larsen & Toubro Ltd-backed Indian IT services provider secured more outsourcing orders.

India’s outsourcing industry made a windfall from the pandemic-led boom in demand for technology, as businesses spent billions of dollars to digitize their IT infrastructure.

“With an order book of $518 million, our H1 (first half) signings crossed $1 billion for the first time in our history,” Chief Executive Officer Debashis Chatterjee said in a statement.

Mindtree’s net profit increased to Rs 509 crore ($61.88 million) in the second quarter ended Sept. 30 from Rs 399 crore a year earlier.