Mindtree Profit Rises To Rs 398 Crore In Q2, Highest Revenue In A Decade



Mindtree Profit Rises 57% To Rs 398 Crore In Q2, Reports Highest Revenue In Decade

Mindtree reported a net profit of Rs 398 crore in the September quarter

Mid-cap information technology firm Mindtree announced its July-September quarter results for the financial year 2021-22 today, reporting a net profit of Rs 398.9 crore, up 57.2 per cent year-on-year on a consolidated basis, compared to a profit of Rs 253.7 crore in the year-ago period.

The company’s revenue from operations in the second quarter of the current fiscal stood at Rs 2,586.2 crore, compared to Rs 1,926 crore in the corresponding period last year, marking a growth of 34.3 per cent year-on-year. Mindtree reported the highest annual revenue growth for a quarter in a decade, according to a regulatory filing by the company to the stock exchanges.

“Our revenues in the second quarter were $350.1 million, up 12.7 per cent sequentially and 34.1 per cent year-over-year, which was our highest YoY growth for a quarter in a decade.

We maintained EBITDA margin at 20.5 per cent while making aggressive investments in further expanding our domain, digital and leadership capabilities, geographic footprint, and hyper scaler partnerships,” said Mr Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree.

”The broad-based momentum and growth outlook across all verticals, service lines and geographies attest to our operational rigor and sharp focus on being a trusted business transformation partner to our clients,” added Mr Chatterjee. 

The company’s board declared an interim dividend of 100 per cent – Rs 10.0 per equity share of par value Rs 10 each at its meeting held today, according to the statement. The Larsen & Toubro (L&T) Group company is a global technology services and digital transformation firm, which currently operates in 24 countries across the world. 

Earlier this year, Mindtree signed an agreement to acquire the NxT Digital Business – the cloud based IoT and AI platform for Industry 4.0 of L&T Group for a total consideration of Rs 198 crore.

On Wednesday, October 13, shares of Mindtree settled 2.28 per cent higher at Rs 4,363.25 apiece on the BSE. 

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