Mindtree on Tuesday announced its quarterly earnings in which the IT company reported a 61% year-on-year rise in its Q1 net profit at ₹343.3 crore as compared to ₹213 crore in the same quarter last year. The net profit was up 8% on a sequential basis.
The revenue from operations was at ₹2,291.7 crore, up 20% from ₹1,908.8 crore YoY. Its revenue in dollar terms came at $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 $20 million plus category and five clients in the $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 $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,'' Chatterjee said.
The company said that recorded net addition of 3,442 employees whereas the attrition rate was at 13.7%.
Shares of Mindtree closed 0.14% lower at ₹2,494 per share on the BSE on Tuesday.
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Mindtree Q1 results: Net profit rises 61% YoY to ₹343 crore - Mint
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