Midcap IT services company Mindtree started off the year FY22 on a strong note as the profit grew by 8.2 percent sequentially in June 2021 quarter with highest ever orderbook of over $500 million.
Net profit increased to Rs 343.4 crore in Q1FY22, compared to Rs 317.3 crore in the previous quarter. The year-on-year growth in bottomline was 61.2 percent.
Revenue increased 8.6 percent sequentially to Rs 2,291.7 crore for the quarter ended June 2021, while revenue in dollar terms increased 7.7 percent to $310.5 million during the same period.
The year-on-year growth in revenue was at 20.1 percent in rupee terms, and 22.6 percent in dollar terms.
"We are pleased to report a strong start to FY22 with broad-based first-quarter growth across all service lines and industry segments," said Debashis Chatterjee, Chief Executive Officer and Managing Director at Mindtree.
"For the quarter, revenues were $310.5 million, up 7.7 percent sequentially, and EBITDA was 20.3 percent, demonstrating the resilience of our business in a challenging environment," he added.
"The highest ever orderbook of $504 million affirms that the focused execution of strategy and client-centricity in re-imagining business models for the digital era are helping us drive profitable and sustainable growth," Chatterjee said.
At the operating level, Mindtree reported a 3.8 percent quarter-on-quarter growth in earnings before interest and tax (EBIT) at Rs 406.3 crore, but EBIT margin declined 90 bps QoQ to 17.7 percent in Q1FY22.
The company has 260 active clients as of June-end 2021. "We added 3 clients in $5 million+ band, 5 clients in $10 million+ category and 1 client in $20 million+ band," the company said in its BSE filing.