Mindtree Q1 results: Profit rises 61% YoY to Rs 343.4 crore, beats estimates

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IT firm Mindtree on Tuesday reported a 61.2 percent rise in consolidated net profit to Rs 343.4 crore for the June quarter compared to that of Rs 213 crore in the same period last year.

Mid-sized IT firm Mindtree on Tuesday reported a 61.2 percent jump in its consolidated net profit to Rs 343.4 crore for the first quarter ended June 30, 2021.
The company had posted a net profit of Rs 213 crore for the corresponding period of the previous fiscal, Mindtree said in a filing to BSE. CNBC-TV18 Poll had predicted a profit of Rs 329.6 crore for the quarter under review.
The revenue from the operations increased by 20.1 percent to Rs 2,291.7 crore compared to Rs 1,908.8 crore in the corresponding quarter of 2020-21.
In dollar terms, net profit rose by 64.7 percent to $46.5 million while revenue grew by 22.6 percent to $310.5 million in the June quarter over the year-ago period. For the quarter, revenues $310.5 million, up 7.7 percent sequentially, and EBITDA was 20.3 percent.
The company has 260 active clients as of June 30, 2021. The total headcount at the end of the quarter stood at 27,256, with a trailing 12 months attrition rate at 13.7 percent.
Debashis Chatterjee, chief executive officer and managing director, said, "For the quarter, revenues were $310.5 million, up 7.7 percent sequentially, and EBITDA was 20.3 percent, demonstrating the resilience of our business in a challenging environment. Our highest-ever order book 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."
The results came after the close of the market hours. Shares of Mindtree ended at Rs 2,494.75, down Rs 3.55, or 0.14 percent on the BSE.

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