Mindtree Q1 net profit up 37% to Rs 472 crore

BENGALURU: Midcap IT services firm Mindtree on Wednesday posted a 37% rise in its consolidated net profit at Rs 471.6 crore for the quarter ended 30 June, 2022, compared to Rs 343.4 crore in the same quarter last year.

Beating street estimates, the company reported Rs 3,121.1 crore in revenue, a 36% increase compared to Rs 2,291.7 crore in the year-ago period.

"We are excited to report a strong start to FY23 with robust revenue growth, solid margin, and a record order book, demonstrating our continued industry-leading growth momentum,” said Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree.

“With revenues of $399.3 million, up 5.5% sequentially in constant currency on the back of a healthy demand for our digital capabilities, this was our sixth consecutive quarter of more than 5% revenue growth in constant currency," he added.

The company's EBITDA margin stood at 21.1%.

The Bengaluru-based company has 37,455 employees as of June 30, 2022. Its trailing 12 months attrition was 24.5%.

Its cash and investments are at an all-time high of $500 million. It added 13 new clients in the first quarter.

In May this year, L&T announced the merger between its IT services business units- L&T Infotech (LTI) and Mindtree. The amalgamation is said to be completed by the end of this year.

Shares of the company ended at Rs 2,899.35, up 1.54% on Wednesday on the BSE.

BENGALURU: Midcap IT services firm Mindtree on Wednesday posted a 37% rise in its consolidated net profit at Rs 471.6 crore for the quarter ended 30 June, 2022, compared to Rs 343.4 crore in the same quarter last year. Beating street estimates, the company reported Rs 3,121.1 crore in revenue, a 36% increase compared to Rs 2,291.7 crore in the year-ago period. "We are excited to report a strong start to FY23 with robust revenue growth, solid margin, and a record order book, demonstrating our continued industry-leading growth momentum,” said Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree. “With revenues of $399.3 million, up 5.5% sequentially in constant currency on the back of a healthy demand for our digital capabilities, this was our sixth consecutive quarter of more than 5% revenue growth in constant currency," he added. The company's EBITDA margin stood at 21.1%. The Bengaluru-based company has 37,455 employees as of June 30, 2022. Its trailing 12 months attrition was 24.5%. Its cash and investments are at an all-time high of $500 million. It added 13 new clients in the first quarter. In May this year, L&T announced the merger between its IT services business units- L&T Infotech (LTI) and Mindtree. The amalgamation is said to be completed by the end of this year. Shares of the company ended at Rs 2,899.35, up 1.54% on Wednesday on the BSE.