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Mindtree Earns First Client In $100 Million Category

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Mindtree Earns First Client In $100 Million Category

During the December quarter, Mindtree said that it saw strong deal closures of $314 million.


Bengaluru-based outsourcer Mindtree announced that for the first time it has added a client in the $100 million category.  This announcement was made by Mindtree when it reported earnings for the December quarter.

During the quarter, Mindtree said that it saw strong deal closures of $314 million. 

"Strong deal closures in this quarter are testimony to our expertise-led transformation capabilities. We continue to be seen as a primary partner for both the 'run the business' and 'change the business' technology initiatives of our clients." said Rostow Ravanan, CEO & Managing Director, Mindtree.

In the December quarter, Mintree's revenues decline 0.4 per cent sequentially to $192.2 million while profit rose 8 per cent to $15.3 million.

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In rupee terms, net profit increased 8.8 per cent sequentially to Rs 103.1 crore while revenues came in at Rs 1,295.3 crore. 

Its EBITDA or operating margin improved to 13.4 per cent in the December quarter from 12.5 per cent sequentially.

Mindtree also approved the extension of Krishnakumar Natarajan's tenure as executive chairman to June 30, 2020.

Mindtree shares ended 2 per cent lower at Rs 474.85 on Friday.


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