Mindtree has secured a five-year deal with the global manufacturers of wind turbine systems, The Nordex Group. The IT firm will standardise and roll out new operational processes by consolidating the existing IT infrastructure. It will also create a future-ready cloud platform with robust cybersecurity. The turbine maker, with the installation of over 30 GW in over 40 markets, with digital transformation aims to expand its customer, deliver product and services with speed and agility.
IT firm Mindtree will undertake salary hike for 21,827 of its employees effective January 21, joining TCS and Infosys in rolling out pay hikes for the workforce. CEO and MD Debashis Chatterjee said that they have completed promotion cycle by the end of Q2 and will undertake salary increments effective January 1, 21. Chatterjee revealed that the salary hike will be in line with industry peers and that Mindtree will continue to hire based on requirements.
Mindtree reported a 19% growth in revenue compared to the previous quarter to Rs 253.7 cr in Q2. After many top-tier IT firms showed growth despite the pandemic, Mindtree’s numbers have been average. The rise of 88% YoY, is lean compared to other IT firms, resulting in fall of the share price. Its revenue fell in North America and Asia but rose in Europe, UK and Ireland. Despite that, the company has declared an interim dividend of Rs 7.5 per share.
Mindtree, a leading digital transformation and tech service company, appointed Venu Lambu as President of Global Markets. He will be responsible for accelerating Mindtree’s revenue growth. Lambu will be based in London and will formulate strategic directions and business development for Mindtree business across all industry segments. He has held leadership roles at Cognizant, HCL Technologies, IBM and has 25 years of experience in tech and service industry.
Mindtree, as the pandemic has accelerated digitalisation in enterprises, has decided to rejig business strategy. It will now focus on service lines — data, intelligence, cloud, enterprise IT, where the money is invested to survive or rebuild. Mindtree got a revenue booster from its largest client Microsoft, which contributes around 30%. Revenue from retail, travel, hospitality saw a huge drop and the number of clients has fallen to 292 to against 365 a year ago.
Bengaluru based IT services firm Mindtree said it expected technology demand to soften in the current financial year. CEO Debashis Chatterjee added that investments in growth would be infrequent as companies are focusing on business continuity. He further said, organisations would require greater resilience in their operations, which will accelerate demand for cloud, data and customer experience technologies.
Business in Tier-II ITes firms has started getting back to normal. And if the momentum continues, soon it will hit pre-COVID level. Business in March was at an all-time low, but things were better in April- May. Zensar Technologies, Mindtree, L&T Technology Services, Persistent Systems, KPIT Technologies, Birlasoft started getting deals back. Most of the projects were related to digital, cloud adoption, workplace automation and cybersecurity.