Mindtree Q1 net profit surges 37 per cent to Rs 472 crore

IT services firm Mindtree on Wednesday reported Rs 471.6 crore net profit for the first quarter of the current financial year as compared to Rs 343.4 crore recorded in the corresponding period of the last year, registering a year-on-year growth of 37.3 per cent.

On a quarter-on-quarter basis, the company's net profit declined during the April-June 2022 quarter fell by 0.3 per cent.

Mindtree's revenue from operations surged to Rs 3,121.1 crore in the quarter ended June 30 as compared to Rs 2,291.7 crore in the corresponding period of the last year, posting year-on-year growth of 36.2 per cent.

"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," Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree, said in a statement.

With revenues of $399.3 million, up 5.5 per cent 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 per cent revenue growth in constant currency. Our EBITDA was 21.1 per cent, underscoring our disciplined execution and operational rigor, Chatterjee said.

"Our highest-ever order book of $570 million reflects the relevance of our value proposition in delivering business-critical transformation at scale. We are proud of our dedicated teams who continue to exceed client expectations with passion and purpose," he added.

( With inputs from ANI )