Mindtree announces salary hike, effective January 1, 2021
Larsen & Toubro (L&T) -owned, IT services firm, Mindtree has announced the salary hike for employees effective January 1, 2021. Mindtree had 21,827 employees at the end of the September quarter.
Mindtree CEO & MD Debashis Chatterjee said, “the company completed its promotion cycle in the second quarter, and will undertake salary increments effective January 1, 2021.”
Debashis added that the salary hike will be in line with industry standards and that the company will continue to hire based on business requirements.
This announcement as made as the company announced its quarterly results on Thursday.
Mindtree on October 15, 2020, Thursday posted an 87.9 per cent rise in consolidated net profit to Rs 253.7 crore for the September 2020 quarter and said it was confident of continuing its growth momentum.
The company, which had registered a net profit of Rs 135 crore in the September 2019 quarter, will also roll out salary hikes with effect from January 1, 2021.
The Bengaluru-based company saw its revenue grow marginally to Rs 1,926 crore in the September 2020 quarter from Rs 1,914.3 crore in the year-ago period. The company attributed the strong growth in profits to operational efficiencies.
“The world is slowly emerging from the challenges caused by the pandemic…we achieved our commitment of delivering profitable growth, quarter-over-quarter, and also successfully navigating through the challenging business environment,” Mindtree Chief Executive Officer and Managing Director Debashis Chatterjee told reporters in a virtual briefing.
He added that on the demand side, the company is seeing momentum as customers are looking for solutions to tackle near-term challenges as well as embark on a transformational journey for future growth.
“We anticipate growth momentum for the next quarter, despite it being a seasonally weak quarter, with revenue momentum on track and our continued focus on driving operational efficiencies,” he said to PTI