Mindtree reports highest YoY revenue growth for a quarter in a decade

Bengaluru-headquartered IT services firm Mindtree on Wednesday reported a net profit of Rs 398.9 crore, up 57.2 per cent for the quarter ended September 30, 2021.

Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree, said, “We are pleased to report yet another outstanding quarter of all-round performance.”

The company's consolidated profit grew by 16.2 per cent and revenue 12.8 per cent from the previous quarter. The company's revenue was up 34.3 per cent to Rs 2,586.2 crore.

“Our revenues in the second quarter were $350.1 million, up 12.7 per cent sequentially and 34.1 per cent year-on-year, which was our highest year-on-year growth for a quarter in a decade," added Chatterjee.

Mindtree maintained its earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin at 20.5 per cent. The company also managed to add 263 active clients as of September 30, 2021, and won some of the key deals in Q2.

Chatterjee said, "We maintained EBITDA margin at 20.5 per cent while making aggressive investments in further expanding our domain, digital and leadership capabilities, geographic footprint, and hyperscaler partnerships.”

The L&T group company's net profit, in dollar terms, was up 57.3 per cent at $54 million and revenues were up 34.1 per cent at $350.1 million.

Mindtree also announced an interim dividend of Rs 10 per equity share of the face value of Rs.10/- each.

"Thanks to the disciplined execution of our strategy, and the dedication of Mindtree Minds, we are well-positioned to capitalise on the strong demand environment and deliver profitable, industry-leading growth in FY22,” he said.

The company's employee count stands at 29,732 as of September 30, 2021, whereas 12 months attrition was at 17.7 per cent.

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