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MUMBAI: Midcap information technology company Mindtree reported a 2.8 per cent quarter-on-quarter (QoQ) fall in its consolidated net profit to Rs 317.3 crore for the quarter ended March, which was still higher than analysts’ estimate of Rs 310.1 crore.
The company’s consolidated revenues rose 4.2 per cent on a sequential basis to Rs 2,109.3 crore, which was in-line with Street’s expectations.
“As we enter FY22, we are confident that continued client demand for our transformative services, a strong order book, and our strategic investments positions us well to deliver double digit growth and sustain EBITDA above 20%,” said Debashis Chatterjee, chief executive officer and managing director at Mindtree.
In US dollar terms, the company revenues grew 5.2 per cent on a quarter-on-quarter basis and the order book stood at $375 million.
The company’s consolidated operating profit in the quarter fell 1.1 per cent on-quarter to Rs 462.6 crore, while its operating margin contracted 120 basis points to 21.9 per cent.
Growth in the topline during the quarter was led by the retail and travel verticals, whose shares in the overall revenue pie increased sequentially. The improvement in performance of retail and travel verticals is a result of opening of economies in the West, where an accelerated vaccine drive has allowed governments to ease Covid-19 restrictions.
Mindtree also declared a final dividend of Rs 17.5 per share.
Shares of Mindtree ended 1 per cent lower at Rs 2,045.3 on the National Stock Exchange.
The company’s consolidated revenues rose 4.2 per cent on a sequential basis to Rs 2,109.3 crore, which was in-line with Street’s expectations.
“As we enter FY22, we are confident that continued client demand for our transformative services, a strong order book, and our strategic investments positions us well to deliver double digit growth and sustain EBITDA above 20%,” said Debashis Chatterjee, chief executive officer and managing director at Mindtree.
In US dollar terms, the company revenues grew 5.2 per cent on a quarter-on-quarter basis and the order book stood at $375 million.
The company’s consolidated operating profit in the quarter fell 1.1 per cent on-quarter to Rs 462.6 crore, while its operating margin contracted 120 basis points to 21.9 per cent.
Growth in the topline during the quarter was led by the retail and travel verticals, whose shares in the overall revenue pie increased sequentially. The improvement in performance of retail and travel verticals is a result of opening of economies in the West, where an accelerated vaccine drive has allowed governments to ease Covid-19 restrictions.
Mindtree also declared a final dividend of Rs 17.5 per share.
Shares of Mindtree ended 1 per cent lower at Rs 2,045.3 on the National Stock Exchange.
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