Information technology (IT) firm Mindtree has posted a consolidated net profit of 34 percent to Rs 437.5 crore in the third quarter (October-December 2021). Buoyed by the results, it expressed confidence that growth momentum will continue on the back of robust demand.
It had posted a net profit of Rs 326.5 crore in the corresponding period of last year. Mindtree’s revenue grew about 36 percent to Rs 2,750 crore in the considered quarter from Rs 2,023.7 crore in the same period a year ago.
“Our aim was to have the industry-leading profitable growth and we are still sticking to that. If you look at the momentum we’ve generated over the past five quarters, we believe that given the demand scenario, that momentum should continue,” said Mindtree CEO and Managing Director Debashis Chatterjee.
He added that while the company is monitoring the pandemic situation, there shouldn’t be too much of an impact.
“Overall, I think we’re going to see the momentum continue into the fourth quarter as well. Going forward, customers are still not done with their budgeting cycles, but at a broad level, the demand we’re seeing at the macro level, I think that we are confident that the demand environment is strong and that growth will remain at a very high level,” he said.
Mr. Chatterjee said the company continued its positive revenue momentum in Q3 2021-22 thanks to robust demand, aggressive customer mining and end-to-end digital transformation capabilities.
“To meet growing customer demand for our services, we have revived our recruiting engine. Not only are we on track to meet our aggressive 2021-22 hiring targets, but we also expect to increase hiring in the coming quarters. will increase significantly,” he says. further informed, adding that the company is also targeting tier II and III cities, with offices in Coimbatore and Warangal.