Mindtree Q3 profit up 58.5%, beats market expectations

Software services company Mindtree Ltd said on Monday that its third quarter net profit rose about 58.5%, beating market expectations, helped by higher revenue from its banking, financial services and insurance, and retail, consumer packaged goods and manufacturing clients. Net profit in the December quarter rose to Rs.140.8 crore from Rs.88.8 crore in the year-ago quarter, the company said. Revenue rose 15.3% to Rs.911.7 crore from Rs.790.6 crore a year earlier.

“Mindtree being a mid-sized company, has done very well in the mid-market sector. The addition of a client in the $50 million category is a good signal in the current times,” Greyhound Research analyst Sanchit Vir Gogia said in a note.

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