Mindtree Q2 net profit jumps 7.9 percent QoQ

Bengaluru, Oct 13 : Mindtree, a global technology services and digital transformation company, on Thursday registered a net profit of Rs 5,087 million, a growth of 7.9% QoQ and 27.5% YoY for the second quarter ended 30 September 2022. The company logged in a revenue of Rs 34,004 million, a growth of 8.9% QoQ and 31.5% YoY. “Our robust performance in the second quarter of FY23 marked a solid first half of the year,” Mindtree CEO and MD Debashis Chatterjee told reporters here. “We not only delivered strong revenues of USD 422.1 million, up 7.2% sequentially in constant currency, but also maintained our EBITDA margin at a healthy 21% despite wage hikes across the board, making it seventh consecutive quarter of more than 5% revenue growth in constant currency, and eighth consecutive quarter of more than 20% EBITDA margin,” he stated. Notably, with an order book of USD 518 million, the company’s H1 signings crossed USD 1 billion for the first time in our history, thanks to its ability to help the clients address digital transformation’s dual objectives of revenue maximization and cost optimization, Chatterjee stated. “We owe our consistent profitable growth to the confidence that our clients and partners have placed in our vision, and to the passion of our more than 38,200 talented professionals who live and breathe that vision every day,” he said. The company has 276 active clients as of 30 September 2022 and $1 million+ clients increased by 15, total increasing to 160 and $5 million+ clients increased by 3, totalling 61, Chatterjee said. As of 30 September 2022, the company has 38,290 professionals and trailing 12 months attrition stood at 24.1%. Mindtree is a global technology consulting and services company that enables enterprises across industries to drive superior competitive advantage, customer experiences and business outcomes by harnessing digital and cloud technologies. A digital transformation partner to more than 275 of the world’s most pioneering enterprises, Mindtree brings extensive domain, technology and consulting expertise to help reimagine business models, accelerate innovation and maximize growth. As a socially and environmentally responsible business, Mindtree is focused on growth as well as sustainability in building long-term stakeholder value. Powered by more than 38,200 talented and entrepreneurial professionals across 24 countries, Mindtree, a Larsen & Toubro Group company, is consistently recognized among the best places (Agencies)