IT company Mindtree on Wednesday reported a jump of 37.3 per cent year-on-year in its net profit to Rs 471.6 crore for the June 2022 quarter. Its revenue also witnessed an increase of 36.2 per cent year-on-year to Rs 3,121.1 crore during April-June 2022.
Its net profit had stood at Rs 3,434 crore in the corresponding quarter last year.
On a quarterly basis, the company posted a fall of 0.3 per cent in its net profit from Rs 473.1 crore in the previous quarter, whereas its revenue declined 7.7 per cent as compared with Rs 2,897.4 in the March 2022 quarter, according to a BSE filing.
In dollar terms, the company’s revenue stood at $399.3 million, a growth of 28.6 per cent and 4 per cent quarter-on-quarter. Its net profit was $60.3 million, a jump of 29.7 per cent y-o-y and a decline of 3.8 per cent q-o-q.
Debashis Chatterjee, chief executive officer and managing director of Mindtree, said, “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. With revenues of $399.3 million, up 5.5 per cent 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 per cent revenue growth in constant currency.”
He added that the company’s Ebitda was 21.1 per cent, underscoring its disciplined execution and operational rigor. “Our highest-ever order book of $570 million reflects the relevance of our value proposition in delivering business-critical transformation at scale. We are proud of our dedicated teams who continue to exceed client expectations with passion and purpose.”
Mindtree had 274 active clients as of June 30, 2022. The number of clients with over $10 million increased by 3 to 35. Those with over $20 million increased by 4 to 18 clients at the end of June 2022. The company’s cash and investments were at an all-time high of $500 million as of June 30.
Mindtree had a total of 37,455 professionals as of June 30, 2022. Its trailing 12 months attrition rate stood at 24.5 per cent in the June 2022 quarter.
Its Ebit margin stood at 19.2 per cent during April-June 2022, which was higher than both 17.7 per cent in the year-ago period and 18.9 per cent in the previous quarter. Ebit stands for earnings before interest and tax.
The company’s highest revenue came from North America (76.8 per cent), followed by APAC and Middle East (8.6 per cent), Continental Europe (7.9 per cent), and the UK and Ireland (6.8 per cent).
Sector-wise, communications, media and tech contributed the highest to Mindtree’s revenue in Q1 with 44.1 per cent of the overall revenue. It was followed by retail, CPG and manufacturing (19.8 per cent); banking, financial services and insurance (18.6 per cent); travel, transportation and hospitality (15.4 per cent); and healthcare (2 per cent).
Mindtree’s shares on Wednesday rose 1.5 per cent to close at Rs 2,899 apiece on the BSE.
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