MindTree Ltd.: Mindtree Q2 results: Net profit jumps 88% YoY to Rs 254 crore


IT services firm Mindtree on Thursday reported a net profit of Rs 253.7 crore for the quarter ended September, a rise of 87.9 per cent from a year ago.

The Larsen & Toubro-owned firm had reported a net profit of Rs 135 crore in the same quarter a year ago.

Its revenue rose 0.6 per cent on a year-on-year (YoY) basis to Rs 1,926 crore.

“I am pleased and encouraged with our performance in delivering a broad-based growth with revenue of $261 million and EBITDA of 19.6 per cent for the quarter,” said Debashis Chatterjee, chief executive officer and managing director, Mindtree.

“Our approach of redefining possibilities in the new normal for businesses enabled us to deliver a balanced H1 performance. This has helped to reinforce confidence on our strategy to build on existing strengths and drive profitable growth by being the business transformation partner for our clients, developing future ready talent and delivering value to all our stakeholders,” he added.

In US dollar terms, the company reported a net profit of $34.3 million, a growth of 79.2 per cent on a YoY basis, and 21.5 per cent on a quarter-on-quarter (QoQ) basis.

Revenue in dollar terms came in at $261 million, up 3.7 per cent YoY, and 3.1 per cent QoQ.

The company added nine new clients in the quarter, and had 283 active clients as of September 30. It added one more client to the tally of $10 million clients, taking it to 24 such clients in total.

It had 21,827 employees at the end of September, down from 21,955 at the end of June, and said its trailing 12-month attrition stood at 13.8 per cent.

The company also declared an interim dividend of Rs 7.5 per share.

The share of revenue from its biggest market North America declined. It constituted 77.4 per cent of the total revenue compared with 79 per cent in the June quarter. The revenue share from Asia-Pacific, too, dropped. However, the share of Continental Europe, UK and Ireland inched up.

The share of revenue from communications, media & technology segment dropped to 49.8 per cent of the total revenue from 51 per cent in the June quarter, while those from BFSI, retail CPG and manufacturing, and travel and hospitality segments edged higher.

Ahead of the earnings announcement, Mindtree closed 8.11 per cent lower at Rs 1,427.55 on the BSE, while benchmark Sensex declined 2.11 per cent to 39,728.41.





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