Bengaluru, January 13

Mindtree, an L&T group information technology firm, firm has reported a 4.7 per cent quarter-on-quarter (QoQ) sequential growth in revenue on a constant currency basis to $366.4 million for the third quarter ended December 2021. On a year-on-year (YoY) basis the revenue grew by 33.7 per cent.

The consolidated net profit for the quarter jumped to $58.3 million, a 32.1 per cent increase YoY. On a sequential basis, it spiked 8 per cent QoQ. 

In rupee terms, its revenue stood at ₹2,750 crore up by 6.3 per cent QoQ and 35.9 per cent YoY. The net profits stood at ₹437.5 crore up by 9.7 per cent QoQ and 34 per cent YoY for the quarter ended December 2021.

The company had 31,959 employees at the end of the December quarter with the trailing 12-months attrition was at 21.9 per cent. Mindtree added five new clients in the third quarter taking the tally to 265 total active clients. 

Debashis Chatterjee, Chief Executive Officer and Managing Director of Mindtree, said, “We are pleased to have continued our positive revenue momentum through the third quarter of FY22 on the back of robust demand, aggressive customer mining, and end-to-end digital transformation capabilities.”

The sequential revenue growth of 5.2 per cent in constant currency reflects the strength of its strategy, execution, partnerships and continued investments in business and people, he added.

The order book for the quarter was $358 million, up 14.6 per cent YoY, and the year-to-date deal total contract value (TCV) crossed $1.2 billion. Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin for the quarter was 21.5%.

In the first nine months alone, the profit after tax (PAT) of $158.8 million surpassed PAT of the preceding fiscal year, he said.

“The passion of our future-ready talent and the trust of our clients position us well in our endeavor to continue to deliver profitable industry-leading growth in the coming years,” Chatterjee added.

Shares of the company traded 2.71 per cent higher as the markets closed today.