 "L&T has so far received bids for 55.4 million shares")
Mindtree Ltd reported a 27.5% jump in second-quarter earnings on Thursday, as the Larsen & Toubro Ltd-backed Indian IT services provider secured more outsourcing orders.
India's outsourcing industry made a windfall from the pandemic-led boom in demand for technology, as businesses spent billions of dollars to digitize their IT infrastructure.
"With an order book of $518 million, our H1 (first half) signings crossed $1 billion for the first time in our history," Chief Executive Officer Debashis Chatterjee said in a statement.
Mindtree's net profit increased to Rs 509 crore ($61.88 million) in the second quarter ended Sept. 30 from Rs 399 crore a year earlier.
Analysts on average had expected the company to report a net income of Rs 482 crore, according to IBES data from Refinitiv.
Mindtree's revenue from operations surged 31.5% from a year earlier to Rs 3,400 crore, led by strong growth in the communications, media and technology business.
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Revenue from this division, its largest, climbed to Rs 1,479 crore from about Rs 1,100 crore a year ago.
Meanwhile, overall revenue from operations increased 5.7% sequentially to $422.1 million on the back of a weakening rupee.
The company, which is in the process of merging its business with group company L&T Infotech, also said attrition in the last 12 months dipped to 24.1% from 24.5% in the first quarter but still above the 17.7% it recorded last year.
($1 = 82.2600 Indian rupees)
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