Mindtree Q1 profit more than doubles to Rs 213 crore in Apr-Jun quarter; shrugs off COVID-19 impact

We closed the quarter with a healthy order book of $391 million despite the global headwinds due to Covid-19 pandemic, says CEO and MD of Mindtree

IT firm Mindtree on Tuesday posted 130 per cent rise in consolidated net profit at Rs 213 crore for the April-June quarter of the current financial year. The company had posted a net profit of Rs 92.7 crore in the corresponding quarter of the previous year. However, on a sequential basis, the profit grew 3.3 per cent. Mindtree had posted a net profit of Rs 206 crore in the quarter ended March 31. Company’s revenue from operations stood at Rs 1,908 crore as compared to Rs 2,050 crore in March quarter and Rs 1,834 crore in the June quarter of FY20. 

“We closed the quarter with a healthy order book of $391 million despite the global headwinds due to Covid-19 pandemic. Our unwavering focus on operational efficiencies has helped us to post a healthy EBITDA of 18.2%,” said Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree. “With our client-first approach, future-ready talent coupled with increase in digital demand, we are confident to strengthen our position in the market and drive profitable growth in these unprecedented times,” he further added.

In US dollar terms, revenue stood at $253.2 million, down 4.1 per cent on-year basis while it slipped 9 per cent sequentially.The net profit of the company came in at $28.3 million, registering a 111.7 per cent on-year growth. 

Mindtree had 292 active clients as of June 30 and added 6 new clients during the quarter. For a global travel technology leader, Mindtree has been chosen as a strategic implementation partner to accelerate their cloud transformation & modernization roadmap to create a new travel market place comprising critical products and systems across their entire portfolio, the company said.

At 3:15 PM, Mindtree stocks were trading 3 per cent lower at Rs 977.60 apiece, as compared to a 1.72 per cent decline in the benchmark S&P BSE Sensex.