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<ul><li>L&amp;T management reassured investors after its hostile takeover of Mindtree</li><li>The conglomerate's IT subsidiary L&amp;T Infotech and Mindtree will operate as separate entities</li><li>Investors in Mindtree will be given an open offer at ₹980</li><li>L&amp;T will even consider to buy back shares from Mindtree's investors</li></ul> Shares of L&amp;T Infotech gained over 3.7% during mid-day trade on Tuesday (March 19) after a reassurance from the L&amp;T managment. "Our intent is to keep both of them separate,” President SN Subrahmanyan said at a press conference after the conglomerate, which spans businesses from infrastructure to information technology, bought a controlling stake in the Bengaluru-based Mindtree. This will be the first hostile takeover of an Indian information technology (IT) services firm as Mindtree's founders resisted the takeover by L&amp;T. L&amp;T Infotech, which is the conglomerate's IT subsidiary, has already lost a lot of share value since January when the rumours of the takeover surfaced. Investors <a target="_blank" href="https://www.livemint.com/market/mark-to-market/l-t-infotech-shares-already-carry-scars-of-meddling-with-mindtree-1552842303673.html">fear merging with Mindtree</a>, which has only one large client that is Microsoft, may hurt the performance of L&amp;T Infotech, whose stock price has more than doubled in the last three years and has a <a target="_blank" href="https://economictimes.indiatimes.com/tech/ites/lt-set-to-seal-mindtree-deal-with-caf-coffee-day-founder-vg-siddhartha/articleshow/68457010.cms">significantly wider profit</a> margin of 16% compared to Mindtree's 10%. However, Subrahmanyan explained that L&amp;T Infotech will continue its existing focus on banking, insurance etc, whereas Mindtree will operate in retail and hospitality. L&amp;T will buy coffee baron VG Siddhartha's20.4% stake in the the mid-tier IT services company Mindtree for approximately ₹3,300 crore. L&amp;T also intends to purchase an additional stake of upto 15% from the open market and another 31% from Mindtree shareholders at ₹980 per share.

L&T Infotech and Mindtree will remain separate and the open offer will be at ₹980

<ul><li>After <keyword id="90593" type="COMPANY" weightage="20" keywordseo="Larsen-and-Toubro">Larsen and Toubro</keyword>’s (L&amp;T) hostile takeover of Mindtree, the company’s leading executives have resigned and it’s taking a toll on the company’s growth trajectory. </li><li>Mindtree’s quarterly results show a 41% yearly dip in net profits and a 53% drop in quarterly net profits.</li><li>Macquarie has revised the rating on Mindtree’s stock to ‘underperform’ expecting earnings per share to drop by at least 21%.</li><li>All eyes are on AM Naik, the company’s newly appointed non-executive chairman, to turn things around.</li></ul>The dramatic takeover of India’s IT consulting firm, <a href="https://www.businessinsider.in/lt-infotech-and-mindtree-will-remain-separate-and-the-open-offer-will-be-at-980/articleshow/68477363.cms">Mindtree</a>, by Larsen and Toubro (L&amp;T) had its leading executives walking away and the company’s growth has taken a big hit. As the L&amp;T veteran and a marquee business leader in India, AM Naik, takes over as the non-executive Chairman of Mindtree, all eyes are on him to revive the firm’s fortunes. Last night, Mindtree reported a 41% dip in its year-on-year net profits from ₹158 crores last year to ₹93 crore this quarter. Its quarterly net profits showed an even larger drop of 53% from ₹198 crore last year. The share price of Mindtree was down nearly 5.5% at 10:20 am on Thursday. Mindtree’s revenue for the current quarter shows an 11% increase in comparison to last year’s first quarter from ₹1,640 crore to ₹1,834 crore. But quarter-to-quarter, the revenue growth is flat. Macquarie, an Australian financial services company, cut the rating on Mindtree’s stock to ‘Underperform’ estimating a drop of 21.6% to 24.8% in earnings per share largely due to executives leaving the company while the business slowed down amidst the takeover drama. Hostility and fear In March last year, L&amp;T — an infrastructure and construction company — instigated a <a href="https://www.businessinsider.in/mindtree-takeover-battle-lt-deals-the-first-blow-buying-coffee-baron-vg-siddharthas-stake/articleshow/68475544.cms">hostile takeover</a> of Mindtree by acquiring 20.4% stake in the company by buying shares from V.G. Siddhartha, the man behind the Cafe Coffee Day franchise in India. And, on June 27 this year, L&amp;T had 61% of the company’s controlling shares. This is reportedly the <a href="https://www.businessinsider.in/lt-has-51-8-stake-in-mindtree-after-open-offer/articleshow/69960033.cms">first time</a> that a company has successfully completed a hostile takeover in India’s IT space. The IT firms’s chief executive officer (CEO), chairman and vice chairman had to file their resignations. Subroto Bagchi, Mindtree’s co-founder, is also set to retire at the end of the month and hasn’t asked to be reappointed to the company’s board. The stock of Mindtree has lost over a quarter of its value in the last three months as the drama played out. See also: <a href="https://www.businessinsider.in/lt-has-51-8-stake-in-mindtree-after-open-offer/articleshow/69960033.cms">L&amp;T takes over Mindtree in Indian IT’s first-ever hostile acquisition</a> <a href="https://www.businessinsider.in/lt-infotech-and-mindtree-will-remain-separate-and-the-open-offer-will-be-at-980/articleshow/68477363.cms">L&amp;T Infotech and Mindtree will remain separate and the open offer will be at ₹980</a> <a href="https://www.businessinsider.in/mindtree-takeover-battle-lt-deals-the-first-blow-buying-coffee-baron-vg-siddharthas-stake/articleshow/68475544.cms">Mindtree takeover battle: L&amp;T deals the first blow buying coffee baron VG Siddhartha's stake</a>

The exodus of Mindtree executives has dented earnings and now shareholders are running for the hills — over to AM Naik

With marginal growth in net profit, mid-tier software services firm <keyword id="6357902" type="COMPANY" weightage="100" keywordseo="MindTree">Mindtree</keyword> is on its way to shore up its digital business. It bought UK-based <keyword id="1025474" type="UNKNOWN" weightage="100" keywordseo="SAP-Hana">SAP HANA</keyword> consultancy <keyword id="2332027" type="UNKNOWN" weightage="100" keywordseo="Bluefin-Solutions">Bluefin Solutions</keyword> and Ohio, US-based Relational Solutions Inc for a combined value of nearly $75 million. 
 Mindtree bought Bluefin Solutions for about 42.3 million pounds, as part of a push to help its largest customers simplify their business processes using SAP's business software. Chief executive <keyword id="372282" type="PERSON" weightage="100" keywordseo="Krishnakumar-Natarajan">Krishnakumar Natarajan</keyword> said the acquisition would help Mindtree's customers in rapidly digitizing their operations. 
 
"We are very excited about the synergies both Mindtree and Bluefin bring in the digital space. The acquisition will strengthen our position to offer the full spectrum of SAP services. Bluefin's focus on SAP HANA and their expertise across the SAP portfolio creates the scale to deliver transformational services while driving greater efficiencies and operational effectiveness," said Krishnakumar Natarajan, chief executive and co-founder of Mindtree. 
 
Mindtree also bought US-based analytics provider Relational Solutions Inc (RSI) for about $10 million. RSI provides analytics solutions primarily for the consumer packaged goods sector. 
 
Coming back to its growth in net profit, for the quarter ended June 30, net profit stood at $21.8 million, up 0.6% from the same period last year. Revenue climbed 9.7% to $154.9 million, helped mainly by new deal wins during the quarter and a strong performance from its digital business which grew 12.7% sequentially. 
 
In rupee terms, net profit jumped 6.8% from the year-ago period to Rs. 138.2 crore, while revenue rose 16.4% to Rs. 981.6 crore. 
 
Mindtree's shares closed nearly flat at Rs.1225 on the BSE on Thursday. 
 
(Image credits: techgig)

Mindtree acquires two companies to shore up its digital business

IT firm Mindtree shares on Wednesday jumped over 2 per cent after the company reported a 3 per cent rise in consolidated net profit for the December 2019 quarter.
 The scrip gained 2.26 per cent to close at Rs 883.30 on the BSE. During the day, it jumped 4.41 per cent to Rs 901.90.
 On the NSE, it climbed 2.37 per cent to close at Rs 884.90.
 In terms of the traded volume, 3 lakh shares of the company were traded on the BSE and over 87 lakh shares on the NSE during the day.
 Mindtree on Tuesday reported a 3 per cent rise in consolidated net profit at Rs 197 crore for the December 2019 quarter.
 The company had posted a net profit of Rs 191.2 crore in the same period last year, Mindtree said in a regulatory filing.
 The Bengaluru-based company saw its revenue grew about 10 per cent to Rs 1,965.3 crore in the quarter under review from Rs 1,787.2 crore in the year-ago period, it added.
 In dollar terms, net profit rose 3.1 per cent to USD 27.7 million, while revenue increased 9.4 per cent to USD 275.2 million in the said quarter over the year-ago period.

Mindtree's share jumped by over 2% after quarterly profits hit $27.7 million

<ul><li>Mindtree shares open the week with gains of over 2% </li><li>L&amp;T is set to make a hostile bid as the company's founders refuse let go of control</li><li>Company's strategic investor, coffee baron VG Siddhartha, is expected sell his 21% stake to L&amp;T</li></ul> Indian technology services company Mindtree, backed by coffee baron VG Siddhartha, is at the centre of a takeover battle between the company's founders and one of the country's biggest conglomerates, Larsen and Toubro (L&amp;T). Shares of Mindtree opened the day up over 2% on Monday (March 18) as investors expect the battle for control between the hostile suitor L&amp;T, which has proposed to buy out <a href="https://tech.economictimes.indiatimes.com/news/corporate/mindtree-founders-plan-buyback-wall-to-block-lt/68435104" data-type="tilCustomLink" target="_blank">Siddhartha's 21% stake</a> in the company, and the existing leadership determined to keep control of the company. If L&amp;T pulls it off, it would be the first hostile takeover of an Indian IT company. The founders, Krishnakumar Natarajan, Subroto Bagchi, NS Parthasarathy and Rostow Ravanan, together own 13.32% stake in the company and they are so reluctant to let go of the company that Bagchi left a government job to avert a hostile takeover of Mindtree by L&amp;T. 
	
	
	
	
	
	
	
	
	<div type="twitter" handle="skilledinodisha" handlename="Subroto Bagchi" image="http://pbs.twimg.com/profile_images/727342138430771200/Kf0tzvdR_normal.jpg" favoritecount="418" retweetcount="101" status="Mindtree has not been designed as an “asset” to be bought &amp; sold. It is a national resource. It has a unique cultur… https://t.co/x9uT0UQ25s" createdat="1552835669000" id="1107299169415225345"></div>



















 The board of directors informed the stock exchange on Friday that it will consider a share buyback in a meeting on March 20. The move has come after the founders <a href="https://www.livemint.com/" data-type="tilCustomLink" target="_blank">reportedly</a> could not find private equity investors to counter L&amp;T's offer. L&amp;T <a href="https://timesofindia.indiatimes.com/business/india-business/lt-to-make-1st-ever-hostile-bid-in-indian-it-for-mindtree/articleshow/68457037.cms" data-type="tilCustomLink" target="_blank">reportedly</a> plans to spend $1 billion, including an open offer to minority investors, to gain controlling stake in the company. Indian takeover laws mandate that the suitor must buy shares worth 26% of the target company from the open market, if the stake in the target exceeds 25%. L&amp;T's offer price for another 31% stake in Mindtree may be around ₹980 apiece, a 4% premium to Friday’s closing price, the Economic Times reported. A share buyback by the existing board of directors at Mindtree would mean the company will use a part of its existing ₹2.8 billion reserves to thwart L&amp;T's bid. Investors may not like that, especially, at a time when there is premium offer on the table. On the other hand, L&amp;T Infotech, which is the conglomerate's IT subsidiary, has already lost a lot of share value since January when the rumours of the takeover surfaced. Investors <a href="https://www.livemint.com/market/mark-to-market/l-t-infotech-shares-already-carry-scars-of-meddling-with-mindtree-1552842303673.html" data-type="tilCustomLink" target="_blank">fear merging with Mindtree</a>, which has only one large client that is Microsoft, may hurt the performance of L&amp;T Infotech, whose stock price has more than doubled in the last three years and has a <a href="https://economictimes.indiatimes.com/tech/ites/lt-set-to-seal-mindtree-deal-with-caf-coffee-day-founder-vg-siddhartha/articleshow/68457010.cms" data-type="tilCustomLink" target="_blank">significantly wider profit</a> margin of 16% compared to Mindtree's 10%.

India begins a new trading week with a hostile takeover battle between Mindtree's founders and L&T

<ul><li>L&amp;T now has 51.8% stake in Mindtree</li><li>73.9% of Mindtree shareholders sold in an open offer by L&amp;T</li><li>Mindtree shareholder Nalanda Capital offloaded its 10.6% stake to L&amp;T</li></ul> L&amp;T is known to have taken over controlling stake in IT services company Mindtree, pulling off a rare feat in India --- a hostile takeover. A large chunk of Mindtree shareholders tilted towards infrastructure major Larsen &amp; Toubro as 73.9% of them sold in the open offer at ₹980 a share. This has given<a href="https://www.livemint.com/companies/news/l-t-acquires-52-of-mindtree-in-indian-it-industry-s-first-hostile-takeover-1561536743325.html"> 51.8% stake in the</a> company to L&amp;T, and is known to have made over 20% stake from the offer, which was announced on June 7. The takeover turned successful after Nalanda Capital decided to offload its 10.6% stake to L&amp;T as a part of the open offer process, on June 24. Hostile takeovers are not common in India as promoters and the family own majority stake in their companies, leaving few outsiders to ever take control. Story so far However, Mindtree is one of the rare exceptions which is held by a clutch of investors and co-founder Subrato Bagchi. The takeover attempt started in March earlier when L&amp;T purchased 20% stake held by V D Siddhartha, the owner of Café Coffee Day chain for around ₹32.6 billion. After this, the promoters refused a bid to sell their stake, even as L&amp;T said it wanted to increase its shareholding to 66%. Even as L&amp;T has turned the promoter with a majority stake, during the course of the open offer more Mindtree investors are expected to concede. According to a<a href="https://www.business-standard.com/article/companies/subroto-bagchi-likely-to-offload-mindtree-stake-in-ongoing-open-offer-119062501210_1.html"> report by Business Standard</a>, the founder Subroto Bagchi, as well as Arohi Asset Management and Amansa Capital too, are in the process of giving up, to give way to L&amp;T. Interestingly, L&amp;T itself was once a target of a hostile takeover by none other than Reliance Industries which was then headed by Dhirubhai Ambani in 1987. Kumar Mangalam Birla was also one of the people who had purchased stake in the construction company, in an attempt to take over. However, timely thinking and setting up a trust by its own employees helped buy shares back. The trust is now of its biggest shareholders, after public sector insurance companies and banks.

L&T takes over Mindtree in Indian IT’s first-ever hostile acquisition

New Delhi, Mar 11 () IT firm Mindtree on Wednesday said that it has entered into a pact with US-based residential real estate services firm Realogy to support its ongoing digital transformation initiatives over the next five years. Through this partnership, Realogy Holdings Corp has expanded its relationship with Mindtree to leverage its digital, data, and technology expertise, the tech firm said in a filing to BSE. "Mindtree's commitment to Realogy has created a strong historical partnership. This is why it is exciting to expand and extend this relationship to more broadly leverage Mindtree's leadership, talent, experience, and best-in-class support for Realogy's products," Realogy's Chief Technology Officer Dave Gordon said. As directed by Realogy, Mindtree will introduce digitally enabled technologies in areas such as application development, managed services, infrastructure support, and testing services for Realogy. Further, Mindtree will leverage Digital Pumpkin, an interactive space where multidisciplinary teams can ideate and create meaningful digital business solutions to support business innovation ideas that will help drive significant operational and application cost savings. "With technology offerings being an increasingly important differentiator for real estate services companies, we are excited to assist Realogy in its next phase of platform development," Mindtree Vice Chairman S N Subrahmanyan said. The shares of Mindtree were trading at Rs 886.35 a piece on BSE, down 2.06 per cent from the previous close. SID ANSANS

Mindtree partners with Realogy to enhance digital transformation

IT firm <keyword id="6357902" type="COMPANY" weightage="20" keywordseo="mindtree">Mindtree</keyword> on Tuesday reported a 61.2 per cent rise in consolidated net profit to Rs 343.4 crore for the June quarter compared to that of ₹213 crore in the same period last year. Revenue of the Bengaluru-based company grew by 20.1 per cent to ₹2,291.7 crore in the quarter under review from Rs 1,908.8 crore in the year-ago period, it added. In dollar terms, net profit rose by 64.7 per cent to USD 46.5 million while revenue grew by 22.6 per cent to USD 310.5 million in the June quarter over the year-ago period. At the end of June quarter, the company's active client base stood at 260, the filing said. Mindtree had 27,256 employees at the end of the June quarter with trailing 12-months attrition at 13.7 per cent. "We are pleased to report a strong start to FY22 with broad-based first-quarter growth across all service lines and industry segments," Mindtree CEO and Managing Director Debashis Chatterjee said. For the quarter, revenues were USD 310.5 million, up 7.7 per cent sequentially, and <keyword id="63060" type="ORGANIZATION" weightage="20" keywordseo="EBITDA">EBITDA</keyword> was 20.3 per cent - demonstrating the resilience of Mindtree business in a challenging environment. "Our highest-ever orderbook of USD 504 million affirms that the focused execution of our strategy and our client-centricity in re-imagining business models for the digital era are helping us drive profitable and sustainable growth," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-battlegrounds-mobile-india-1-5-update-download-changelog-tesla-model-y/articleshow/84373727.cms">You can now drive the Tesla Model Y in Battlegrounds Mobile India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/binances-compliance-journey-gets-bumpier-as-another-partner-backs-out/articleshow/84373786.cms">Binance’s compliance ‘journey’ gets bumpier as another partner backs out</a>

Mindtree's operating profit goes up over 20% sequentially, as the Bengaluru-based IT services firm gets highest ever order book

New Delhi, Jun 12 () IT firm Mindtree on Friday said it expects "high single-digit decline" in overall revenue growth in dollar terms in the first quarter of 2020-21 as compared to the preceding quarter on account of disruptions caused by the COVID-19 pandemic. The Bengaluru-based company said it is well-equipped to handle the global crisis based on the business continuity plan that it has implemented, and expects its second-quarter numbers to be better than that of the June quarter. "COVID-19 outbreak has been creating unprecedented level of uncertainty with major economies virtually coming to a halt... The travel, transport and hospitality (TTH) segment is at the front line of today's pandemic situation," Mindtree said in a regulatory filing. The company said it expects to see near-term impact coming from TTH that contributed 16 per cent of its revenues in the March 2020 quarter. "Based on the current assessment and visibility, we expect high single-digit decline in overall revenue growth (in dollar terms) for Q1FY21 as compared to Q4FY20," it said. Mindtree said it is seeing increasing demand in other segments such as communication, media and technology (CMT), and consumer packaged goods (CPG). "Accordingly, we expect our Q2FY21 revenues better than Q1FY21," it added. The company said it is in conversation with clients to carve out specific offerings along with right commercial models to help clients sail through the current pandemic situation. "We expect demand from our clients for digital and transformational services as they invest into data, cloud-enabled solutions, customer-centric and end user experience businesses," it said. Mindtree stated that its focus would be on signing multi-year annuity deals, rationalising tail-accounts and going deeper into the limited set of strategic clients. "Accordingly, we expect the topline recovery to fructify during second half of 2020-21. Despite near-term challenges on the revenue, through various cost-optimisation measures, we expect our Q1FY21 margin to hold at Q4FY20 levels," it added. Mindtree said it has a robust balance sheet and liquidity position with cash and investments of Rs 1,361.8 crore as on March 31, 2020, with good visibility of additional cash flow generation in 2020-21. Mindtree's revenue grew 6.3 per cent year-on-year to USD 278.4 million in the March 2020 quarter. It added that given the near-term challenges in the revenue, it has implemented additional cost-optimisation measures including deferred salary hikes, optimising sub-contractors expenses and limiting discretionary spends to contain the impact on the profitability. SR HRS

COVID-19: Mindtree sees high single-digit decline in dollar revenue growth during Q1

<ul><li>VG Siddhartha is reportedly missing near Netravati River in Mangalore since Monday night.</li><li>The development came in after the Mangalore City Police started a search operation at 9 pm to look for a man who might have jumped off a kilometer-long bridge in Ullal.</li><li>Siddhartha reportedly faced a cash crunch earlier this year after the default by infrastructure lending giant IL&amp;FS, which forced him to sell stake in the IT firm <keyword id="6357902" type="COMPANY" weightage="20" keywordseo="mindtree">Mindtree</keyword>.</li></ul><keyword id="46195" type="COMPANY" weightage="20" keywordseo="Cafe-Coffee-Day">Cafe Coffee Day</keyword> founder and son-in-law of ex-Karnataka Chief Minister SM Krishna, VG Siddhartha , is reportedly missing near Netravati River in Mangaluru since Monday night. Police says, his phone is switched off, the Times of India <a href="https://timesofindia.indiatimes.com/city/mangaluru/ccd-coffee-day-founder-v-g-siddhartha-missing/articleshow/70442484.cms">reported</a>. The development came in after the Mangalore City Police started a search operation at 9 pm to look for a man who might have jumped off a kilometer-long bridge in Ullal. According to the report, Siddhartha may be the missing 'man' since he reached Mangaluru at 8 pm in his SUV and ask the driver to drop him at the bridge in Ullal. The 58-year-old entrepreneur was in talks with Coca-Cola to sell considerable stake in his coffee chain. The deal was <a href="https://www.businesstoday.in/current/corporate/coca-cola-coke-cafe-coffee-day-ccd-stake-sale-beverage-maker-indias-largest-coffee-chain/story/359387.html">supposed to be closed</a> by the end of March 2020. VG Siddhartha came from a coffee-growing family, which owned 15,000 acres of coffee estate in <keyword id="57240" type="CITY" weightage="20" keywordseo="Chikmagalur">Chikmagalur</keyword> in <keyword id="6354780" type="ENTERTAINMENT" weightage="20" keywordseo="Karnataka">Karnataka</keyword>. He launched the first Cafe Coffee Day (CCD) outlet on <keyword id="18382" type="ORGANIZATION" weightage="20" keywordseo="brigade-road">Brigade Road</keyword> in Bengaluru. The chain currently has 1,750 outlets and over 60,000 vending machines spread over Nepal, Malaysia, Czech Republic, and Egypt, <a href="http://www.coffeeday.com/PDF/Coffee_Day_Annual_report_2018.pdf">aside from 245 cities in India. </a> The coffee baron had reportedly been <a href="https://www.livemint.com/companies/news/why-v-g-siddhartha-went-with-l-t-ignoring-mindtree-promoters-1553710517498.html">cornered by a cash crunch</a> after the default by infrastructure lending giant IL&amp;FS triggered a liquidity crisis in the country. Siddhartha had to sell his 20.4% stake in the IT firm Mindtree to L&amp;T against the wishes of Mindtree’s founders who Siddhartha had backed since 1999. SEE ALSO: <a href="https://www.businessinsider.in/lt-has-51-8-stake-in-mindtree-after-open-offer/articleshow/69960033.cms">L&amp;T takes over Mindtree in Indian IT’s first-ever hostile acquisition</a> <a href="https://www.businessinsider.in/mindtree-takeover-battle-lt-deals-the-first-blow-buying-coffee-baron-vg-siddharthas-stake/articleshow/68475544.cms">Mindtree takeover battle: L&amp;T deals the first blow buying coffee baron VG Siddhartha's stak</a>e

Coffee baron VG Siddhartha, the founder of India's iconic chain Cafe Coffee Day, is missing

New Delhi, Jan 14 () IT firm Mindtree on Tuesday reported a 3 per cent rise in consolidated net profit at Rs 197 crore for the December 2019 quarter.
 The company had posted a net profit of Rs 191.2 crore in the same period last year, Mindtree said in a regulatory filing.
 The Bengaluru-based company saw its revenue grow about 10 per cent to Rs 1,965.3 crore in the quarter under review from Rs 1,787.2 crore in the year-ago period, it added.
 In dollar terms, net profit rose 3.1 per cent to USD 27.7 million, while revenue increased 9.4 per cent to USD 275.2 million in the said quarter over the year-ago period.
 In July last year, Larsen and Toubro (L&amp;T) had acquired control of Mindtree with 60.06 per cent stake.
 At the end of December 2019 quarter, the company's active client base stood at 320. It had 21,561 employees at the end of the third quarter with trailing 12-months attrition at 17.2 per cent.
 "As we continue to grow revenue, our sharp focus on driving profitable growth has resulted in expansion of operating margin by 2.6 per cent and a rise in net profit by 44.7 per cent as compared to previous quarter," Mindtree CEO and Managing Director Debashis Chatterjee said.
 He added that the company continues to execute its growth strategy, proactively incubate deals by mining strategic clients and nurture a learning-led culture. SR MBI RVK

You Searched For "mindtree" and got 11 results

L&T Infotech and Mindtree will remain separate and the open offer will be at ₹980

Sriram Iyer

The exodus of Mindtree executives has dented earnings and now shareholders are running for the hills — over to AM Naik

Prabhjote Gill

Mindtree acquires two companies to shore up its digital business

BI India Bureau

Mindtree's share jumped by over 2% after quarterly profits hit $27.7 million

PTI

India begins a new trading week with a hostile takeover battle between Mindtree's founders and L&T

Sriram Iyer

L&T takes over Mindtree in Indian IT’s first-ever hostile acquisition

Katya Naidu

Mindtree partners with Realogy to enhance digital transformation

PTI

Mindtree's operating profit goes up over 20% sequentially, as the Bengaluru-based IT services firm gets highest ever order book

PTI

COVID-19: Mindtree sees high single-digit decline in dollar revenue growth during Q1

PTI

Coffee baron VG Siddhartha, the founder of India's iconic chain Cafe Coffee Day, is missing

Preeti Soni

Mindtree Q3 net profit up 3 pc to Rs 197 cr

PTI

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