Mindtree’s net profit jumps 88% to Rs 253.7 cr; salary hikes from January

IT services firm Mindtree posted a net profit of Rs 253.7 crore, a jump of 87.9 per cent year-on-year (YoY) and 19.1 per cent sequentially, in the September quarter (Q2) of FY21.

A cost-saving of around Rs 128 crore in other expenses helped the firm beat estimates, apart from operational efficiencies.

The firm’s revenues remained flat YoY at Rs 1,926 crore and it witnessed a marginal 1 per cent gain sequentially. Dollar revenues stood at $261 million, a 3.1 per cent rise in constant currency terms over the previous quarter. Operating margin of the L&T Group-owned firm expanded 140 basis points sequentially to 19.6 per cent in Q2. The numbers were higher than estimates.