Mindtree Q3 Revenue crosses quarter billion dollar mark In USD terms, Revenue grows 2.1% q-o-q / 17.4% y-o-y
Bangalore (India) and Warren (NJ), January 16, 2019: Mindtree, a global technology services and Digital transformation company, announced its consolidated results today for the third quarter ended December 31, 2018 as approved by its board of directors.
“Our consulting first approach combined with deep technology and domain expertise are helping our clients drive enterprise-wide transformations.” Rostow Ravanan, CEO & Managing Director, Mindtree. “This has also helped us win several recognitions from industry analysts for our capabilities and sustain our growth momentum even in a seasonally weak quarter. Our continuous investments in our people further strengthens our ability to create sustainable value for all stakeholders.”
Key financial highlights:
Quarter ended December 31, 2018
- In USD:
- Revenue at $ 251.5 million (growth of 2.1% q-o-q / 17.4% y-o-y)
- Constant Currency growth of 2.4% q-o-q
- Net profit at $ 26.9 million (decline of 7.5% q-o-q / growth of 22.2% y-o-y)
- In INR:
- Revenue at ₹ 17,872 million (growth of 1.8% q-o-q / 29.7% y-o-y)
- Net profit at ₹ 1,912 million (decline of 7.3% q-o-q / growth of 35.1% y-o-y)
- 340 active clients as of December 31, 2018
- $1 million clients grow by 5, total of 116
- 19,908 Mindtree Minds as of December 31, 2018
- Trailing 12 months attrition is 13.4%
- 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 518 BOTs employed as of December 31st, 2018
*Software that acts autonomously, free from any interference, human or otherwise, to perform a significant task which will otherwise be performed by a human
- Multi-year and multi-million dollar wins with leading global clients:
- Providing testing services under managed services model for a leading low cost Canadian airline
- Expanding its foot print within an existing customer, Mindtree to provide digital services for a large American airline
- Providing application management and support services for SAP suite of applications for a specialized manufacturing company in Europe
- Providing digital transformational services for a leading insurance company in the Middle East
- Recognized as an IoT Technology Services Leader in the Zinnov Zones 2018 IoT Technology and Services report
- Recognized as a leader in Engineering R&D services in the Zinnov Zones 2018 ER&D Services report
- Recognized as Rising Star US and Global in the ISG Provider Lens™ Cloud Transformation/ Operation Services & XaaS Quadrant report
- Recognized as a Leader in the Zinnov Zones 2018 Digital Services in Travel & Hospitality report
- The board of directors at its meeting held on January 16, 2019 have recommended an interim dividend of 30% ( ₹ 3 per equity share of par value ₹ 10 each)
- During the quarter ended December 31, 2018, the National Company Law Tribunal (NCLT) approved the Scheme of Amalgamation (“the Scheme'’) of Magnet 360, LLC ("Magnet"), wholly-owned subsidiary of the Company (“the Transferor Company”), with the Company with an appointed date of April 1, 2017. Refer Note 36 of the standalone financial statements for the period ended December 31, 2018 for details.
Mindtree [NSE: MINDTREE] is a global IT consulting and services company which helps clients across 17 countries achieve business agility, competitive edge, and growth. We harness the power of Continuous Delivery, our digital expertise, industry knowledge, and research in emerging technologies to drive efficiencies and enable business innovation for over 340 clients.
Mindtree is consistently regarded as one of the best places to work. This is a reflection of our entrepreneurial, collaborative and dedicated “Mindtree Minds” who embody the winning culture that defines our commitment to excellence, innovation, and co-creation.
To learn more about us, visit www.mindtree.com or follow us @Mindtree_Ltd
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 behalf.
Visit us at www.mindtree.com. For more information, contact: