Mindtree Profit Surges 34% At Rs 437 Crore In Q3

IT firm Mindtree on Thursday reported a 34 per cent rise in consolidated net profit at Rs 437.5 crore for the December 2021 quarter on the back of robust demand and aggressive customer mining.

The company had posted a net profit of Rs 326.5 crore in the same period last year, Mindtree said in a regulatory filing.

The Bengaluru-based company saw its revenue grow about 36 per cent to Rs 2,750 crore in the quarter under review from Rs 2,023.7 crore in the year-ago period, it added.

In dollar terms, net profit rose 32.1 per cent to $58.3 million, while revenue increased 33.7 per cent to $366.4 million in the said quarter over the year-ago period.

At the end of the December 2021 quarter, the company's active client base stood at 265. It had 31,959 employees at the end of the third quarter with a trailing 12-month attrition at 21.9 per cent.

"We are pleased to have continued our positive revenue momentum through the third quarter of FY22 on the back of robust demand, aggressive customer mining, and end-to-end digital transformation capabilities," Mindtree CEO and Managing Director Debashis Chatterjee said.

He added that the company's sequential revenue growth of 5.2 per cent in constant currency reflects the strength of its strategy, execution, partnerships, and continued investments in its business and people.

"Our order book for the quarter was $358 million, up 14.6 per cent year-over-year, and our year-to-date deal TCV (total contract value) crossed $1.2 billion. Our EBITDA margin for the quarter was 21.5 per cent," he said.

In the first nine months alone, Mindtree's PAT (Profit After Tax) of $158.8 million surpassed PAT of the preceding fiscal year, Chatterjee noted.

"The passion of our future-ready talent and the trust of our clients put us well in our endeavour to continue to deliver profitable industry-leading growth in the coming years,” he added.