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Business News/ Companies / News/  Mindtree Q1 results: Net profit rises 37% to 472 cr; revenue up 36%
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Mindtree Q1 results: Net profit rises 37% to ₹472 cr; revenue up 36%

Mindtree Q1 results: Revenue from operations, meanwhile, rose 36.2% to ₹3,121 crore as compared to ₹2,291.7 crore in the year-ago period

Shares of MindTree Ltd closed 2.01% up at ₹2,911.00 apiece on the NSE today.Premium
Shares of MindTree Ltd closed 2.01% up at 2,911.00 apiece on the NSE today.

Midcap IT services company Mindtree Ltd on Wednesday reported a 37.3% year-on-year growth in its consolidated net profit at 471.6 crore for the quarter ending 30 June, 2022 as compared to 343.3 crore in the same quarter last year.

Revenue from operations, meanwhile, rose 36.2% to 3,121 crore as compared to 2,291.7 crore in the year-ago period.

Ebit margin for the quarter came in at 19.2% as compared to 18.9% in March and 17.7% in the June quarter of 2021.

The Bengaluru-based company's net profit at 471.6 crore translated into a sequential dip of 0.3% when seen quarter-on-quarter (q-o-q).

Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree, said, “We are excited to report a strong start to FY23 with robust revenue growth, solid margin, and a record order book, demonstrating our continued industry-leading growth momentum."

“With revenues of $399.3 million, up 5.5% sequentially in constant currency on the back of a healthy demand for our digital capabilities, this was our sixth consecutive quarter of more than 5% revenue growth in constant currency," Chatterjee further said. 

The company's highest-ever order book of $570 million reflects the relevance of Mindtree's value proposition in delivering business-critical transformation at scale, Chatterjee said.

“Our EBITDA was 21.1%, underscoring our disciplined execution and operational rigor. Our highest-ever order book of $570 million reflects the relevance of our value proposition in delivering business-critical transformation at scale," he added.

Shares of MindTree Ltd closed 2.01% up at 2,911.00 apiece on the NSE today.

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ABOUT THE AUTHOR
Meghna Sen
Business journalist tracking markets, companies, economy and crypto for Livemint. She has 6 years of experience with online and print publications. Email: meghnasen08@gmail.com
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Published: 13 Jul 2022, 04:08 PM IST
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