Debashis Chatterjee, CEO & MD, Mindtree
LTIMindtree on Friday reported a 4.7% decline in net profit to ₹1,000 crore for the third quarter ended in December, compared with the year-earlier period. The slide was 15.8% compared with the previous quarter.
The mid-tier tech firm – formed after the merger of Mindtree and Larsen & Toubro Infotech – posted 25.3% growth in revenue to ₹8,620 crore compared with a year earlier.
CEO and MD Debashis Chatterjee said the company had shown constant currency year-on-year revenue growth of 16.3%, and an order inflow of $1.25 billion.
According to him, the company is seeing ‘good’ continuity of spending and cross-sales opportunities. However, clients in sectors such as retail, consumer products and high-tech, seem cautious in finalising their budgets. “Our expectation is that digital transformation initiatives will go on, although clients remain cautious.”
“As clients are still finalising their IT budgets for next year, we will have greater clarity on the exact spends only later during the fourth quarter,” Mr. Chatterjee added.
However, he added, “Notwithstanding any near-term impact of budget changes on short notice, we remain upbeat about the longer-term demand for our end-to-end offerings.’‘
For the quarter ended December, LTIMindtree reported trailing 12 months attrition at 22.3%. As on December 31, it had a total headcount of 86,462.
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