Country for PR: United Kingdom
Contributor: PR Newswire Europe
Wednesday, January 15 2020 - 00:55
Mindtree Reports Third Quarter 2019-20 Results
WARREN, New Jersey and BANGALORE, India, January 14 /PRNewswire-AsiaNet/ --

- In USD terms, Net Profit rises 44.7% q-o-q
- Revenue grows 1.5% q-o-q / 9.4% y-o-y

    Mindtree, a global technology services and Digital transformation company, 
guiding its clients to achieve faster business outcomes, announced its 
consolidated results today for the third quarter ended December 31, 2019 as 
approved by its board of directors.

    "As we continue to grow revenue, our sharp focus on driving profitable 
growth has resulted in expansion of operating margin by 2.6% and a rise in net 
profit by 44.7% as compared to previous quarter," said Debashis Chatterjee, CEO 
& Managing Director, Mindtree. "We continue to execute our growth strategy, 
proactively incubate deals by mining strategic clients and nurture a 
learning-led culture. The recently concluded Annual Customer Experience Survey 
results depict industry-leading scores, indicating our exceptional work in 
delivering quality services to our clients." 

    Key financial highlights: 

    Quarter ended December 31, 2019
- In USD: 
- Revenue at $275.2 million (growth of 1.5% q-o-q / 9.4% y-o-y) 
- Net profit at $27.7 million (growth of 44.7% q-o-q/ 3.1% y-o-y)

- In INR: 
- Revenue at ₹19,653 million (growth of 2.7% q-o-q / 10.0% y-o-y) 
- Net profit at ₹1,970 million (growth of 45.9% q-o-q / 3.0% y-o-y)

    Other highlights: 
- Clients: 
- 320 active clients as of December 31, 2019 
- $25 million clients grew by 1, total 5 
- $10 million clients grew by 1, total 22 

- People: 
- 21,561 Mindtree Minds as of December 31, 2019      
- Trailing 12 months attrition is 17.2% 

- BOTs*: 
- Automation is playing a significant role in modernizing our technology 
service delivery, enhancing both efficiency and speed-to-results for our 
clients. We are proud to report our BOTs strength that autonomously work 
along-side our Mindtree Minds, enabling our team to do more and accomplish 
larger goals 
- We have 715 BOTs employed as of December 31, 2019
*Software that acts autonomously, free from any interference, human or 
otherwise, to perform a significant task which will otherwise be performed by a 

- Q3 deal wins with leading global clients:
    New Clients: 
- Mindtree has been empaneled to provide end to end ownership of SAP and 
Salesforce Application Maintenance and Support Services (AMS) for a global 
enterprise supplier of Industrial gases 
- Mindtree has been awarded the contract to provide datacenter support 
including AWS Cloud Operations for a leading Retail player in Consumer 
Electronics & Wireless Services 
- Mindtree has been partnered to provide long term road map and strategic 
services in digital transformation initiatives for a multinational American 
Personal care corporation 

    Existing Clients:
- For an existing large automotive company in the UK, Mindtree extended its 
presence in Implementing Business Intelligence, Solution Architecture and 
Program Delivery across the enterprise CRM portal 
- Mindtree will support Digital Marketing Management & Operations for an 
existing Global leader in computer software and technology

- Recognition: 
- Mindtree named the overall winner of the 2019 ISG Star of Excellence 
Award(TM), the industry's first and only recognition program that ranks 
providers on the quality of their services based on direct feedback from 
enterprise clients.The Star of Excellence is an independent recognition based 
on industry wide "Voice of the Customer". ISG considered over 1,400 unique 
evaluations, 600 unique enterprises, 100 providers for this year. Mindtree was 
recognized as the  winner in North America and Asia Pacific, as well as for 
achieving the top score for its application development and maintenance (ADM) 
- Mindtree has been appraised at Level 5 in the Capability Maturity Model 
Integration (CMMI)(R) V2.0, which represents a proven commitment to high 
quality software development processes and delivery standards. Mindtree is one 
of the first IT organizations to be globally recognized for the suite's 
Development and Services views 
- Mindtree received a prestigious award from South Asian Federation of 
Accountants (SAFA) as a mark of recognition of its strong ethics, excellence in 
financial reporting and corporate governance 
- Mindtree won the 6th Annual IDC Insights Awards 2019 for Excellence in 
Operations for its IT infrastructure services, MWatch platform, which enables 
the delivery of consistent and optimized infrastructure operations services 
through automation 
- Mindtree won the 2019 Paragon Awards(TM) in the Excellence category for our 
outstanding service delivery for a global airline 
- Mindtree named global and US leader in Next-Gen ADM, Agile Development, and 
Continuous Testing in the ISG Provider Lens(TM) Next-Gen Application 
Development & Maintenance (ADM) Services 2019 Quadrant Report 
- Mindtree recognized in the ISG Provider Lens(TM) Public Cloud – Solutions & 
Service Partners 2019 Quadrant Report as a Rising Star globally and in the US 
for Public Cloud Transformation Services, and a Rising Star in the US for 
Managed Public Cloud Services 
- Mindtree Named Leader in the Landscape Transformation and Technical 
Transition Archetypes in the ISG Provider Lens(TM) SAP HANA and Leonardo 
Ecosystem Partners 2019 Archetype Report 
- Mindtree Named Innovator in Avasant's Intelligent Automation Services 
RadarView(TM) 2019 Report

    About Mindtree

    Mindtree [NSE: MINDTREE] is a global technology consulting and services 
company, helping enterprises marry scale with agility to achieve competitive 
advantage. 'Born digital', in 1999 and now a Larsen & Toubro Group Company, 
Mindtree applies its deep domain knowledge to 300+ enterprise client 
engagements to break down silos, make sense of digital complexity and bring new 
initiatives to market faster. We enable IT to move at the speed of business, 
leveraging emerging technologies and the efficiencies of Continuous Delivery to 
spur business innovation. Operating in more than 15 countries across the world, 
we're consistently regarded as one of the best places to work, embodied every 
day by our winning culture made up of 21,000 entrepreneurial, collaborative and 
dedicated "Mindtree Minds."

    To learn more about us, visit or follow us @Mindtree_Ltd 

    Safe harbour

    Certain statements in this release concerning our future growth prospects 
are forward-looking statements, which involve a number of risks, and 
uncertainties that could cause our actual results to differ materially from 
those in such forward-looking statements. We do not undertake to update any 
forward-looking statement that may be made from time to time by us or on our 

    For more information, contact:


Erik Arvidson
Matter Communications

Edward Stevenson

    Source: Mindtree