Quarterly Result: Mindtree post 61% on-year growth in Q1FY22 PAT at Rs 343.4 cr, revenues up 20%; bags new deals; check employment, attrition rates

IT company Mindtree posted a net profit of Rs 3,434 million (Rs 343.4 cr) for the quarter ended June 30 registering a staggering 61.2 per cent Year-on-Year (yoy) growth. On the Quarter-on-Quarter (qoq) basis the growth was seen at 8.2 per cent, the company said in its exchange filing.   

In Dollar terms, net profit was USD 46.5 million – a 64.7 per cent yoy growth while 7.5 per cent on the qoq basis.

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Meanwhile, the revenue was at Rs 22,917 million for the reporting quarter, which was up by 20 per cent yoy and 8.6 per cent on qoq basis. In Dollar terms, the revenue stood at USD 310.5 million, which was 7.7 per cent on-quarter growth while 22.6 per cent on the y-o-y basis.  

Mindtree, which is a Larsen & Toubro Group Company reported 260 active clients as of June 30, 2021. 

The employee headcount stood at 27,256 as of June 30, 2021, the company reported with trailing 12 months attrition standing at 13.7 per cent. It added 3442 employees during this quarter. 

“We are pleased to report a strong start to FY22 with broad-based first-quarter growth across all service lines and industry segments,” Debashis Chatterjee, Chief Executive Officer (CEO) and Managing Director (MD) said.  

“For the quarter, revenues were $310.5 million, up 7.7% sequentially, and EBITDA was 20.3%, demonstrating the resilience of our business in a challenging environment. Our highest ever orderbook of $504 million affirms that the focused execution of our strategy and our client-centricity in re-imagining business models for the digital era are helping us drive profitable and sustainable growth. We are proud of the passion and perseverance with which Mindtree Minds have continued to deliver value to our clients and exceed their expectations despite difficult conditions,” he added.  

The company also bagged many new deals during the reporting quarter. A few are as follows:  

- One of the world’s leading investment managers has selected Mindtree as a strategic partner for a multi-year managed services engagement to drive innovation and differentiated experiences. 

- A global travel management company has chosen Mindtree for a multi-year, end-to-end, large-scale AWS cloud migration and cloud operations program. 

- A global leader in automobile manufacturing has chosen Mindtree as a multi-year strategic partner to transform its applications ecosystem, the company said in its exchange filing.