Mindtree Q1 results: Net profit rises 37% to Rs 471 cr; revenue up 36%

Global technology services and digital transformation company, Mindtree, on Wednesday reported a 37.3 per cent year-on-year (YoY) jump in consolidated net profit at Rs 471 crore for the quarter ended 30 June, 2022. The company had reported a net profit of Rs 343 crore for the same quarter last fiscal.

Sequentially, Mindtree's profit dropped marginally in Q1FY23 from Rs 473.1 crore in March quarter (Q4FY22).

Revenue from operations also increased 36.2 per cent to Rs 3,121.1 crore in the June quarter as against Rs  2,291.7 crore in the year-ago period.

In constant currency terms, Mindtree's revenue was up 28.6 per cent (y-o-y) and 4 per cent sequentially at $399.3 million, while its EBITDA margins stood at 21.1 per cent.

The company also saw its highest-ever order book at $570 million.

In terms of employee headcount, Mindtree stated that it had 37,455 professionals as of June 30, 2022. Its trailing 12 months attrition was 24.5 per cent.

Commenting on the financial results, Debashis Chatterjee, Chief Executive Officer and Managing Director, 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% 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. Our EBITDA was 21.1%, underscoring our 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.”

Shares of Mindtree on Wednesday closed 1.54 per cent higher at Rs 2,899.35 apiece on BSE.