Upbeat Mindtree to roll out salary hikes from Jan 1

BENGALURU: Mindtree on Thursday posted 87.9% rise in consolidated net profit to Rs 253.7 crore for the September 2020 quarter, and said it was confident of continuing its growth momentum.

The company, which had registered a net profit of Rs 135 crore in the September 2019 quarter, will also roll out salary hikes with effect from January 1, 2021. The Bengaluru-based company saw its revenue grow marginally to Rs 1,926 crore in the September 2020 quarter from Rs 1,914.3 crore in the year-ago period.

The company attributed the strong growth in profits to operational efficiencies. “The world is slowly emerging from the challenges caused by the pandemic... we achieved our commitment of delivering profitable growth, quarter-over-quarter, and also successfully navigating through the challenging business environment,” Debashis Chatterjee, CEO-MD, Mindtree, told reporters.

He added the company’s pipeline continues to be strong. “Also, with the broad growth, we are also seeing a healthy win ratio.” He also said on the demand side, it is seeing momentum as customers are looking for solutions to tackle near-term challenges as well as embark on a transformational journey for future growth.

Chatterjee said it has a healthy orderbook of $694 mn (in H1) and has a robust pipeline also. The firm signed deals with total contract

It completed its promotion cycle in Q2, and set for salary increments effective Jan 1, 2021. Mindtree had 21,827 employees at the end of September quarter

value (TCV) worth $303 mn in the Q2. Chatterjee noted it completed its promotion cycle in the Q2, and will undertake salary increments effective January 1, 2021. The increase will be in line with industry standards, and that the company will continue to hire based on business needs. Mindtree had 21,827 employees at the end of the Sept quarter with trailing 12-month attrition at 13.8 pc.