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23 September, 2021 11:15 IST
Mindtree Q1 net profit rises 61% to Rs 3,434 mn
Source: IRIS | 14 Jul, 2021, 04.42PM
Rating: NAN / 5 stars.
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MindTree, IT solutions and product engineering services company,  on Tuesday reported a 61.2% year-on-year rise in its Q1 net profit at Rs 3,434 million as compared to Rs 2,130 million in the same quarter last year. The net profit was up 8.2% on a sequential basis.

The revenue from operations was at Rs 22,917 million, up 20% from Rs 19,088 million YoY. Its revenue in dollar terms came at USD 310.5 million, witnessing a growth of 7.7% quarter-on-quarter (QoQ) and 22.6% YoY.

Mindtree said that it has 260 active clients as of June 30, 2021. It recorded highest ever order book of half-a-billion US dollars, growth of 34.2% QoQ. The company added one client in the USD 20 million plus category and five clients in the USD 10 million plus category during the quarter.

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

For the quarter, revenues were USD 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 USD 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," Chatterjee said.

The IT firm said that recorded net addition of 3,442 employees whereas the attrition rate was at 13.7%.

Shares of the company gained Rs 233.65, or 9.47%, to trade  at  Rs 2,701.  The total volume of shares traded  was  300,328 at  the BSE (3.20 p.m, Wednesday).

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