Saturday, Nov 27 2021 | Time 22:56 Hrs(IST)
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Business Economy


Mindtree Q2 net profit up 57 per cent to Rs 399 crore

Bengaluru, Oct 13 (UNI) Mindtree, a global technology services and digital transformation company, Wednesday said the company recorded a net profit of Rs 3,989 million for the quarter ending September, a growth of 16.2 per cent Q-oQ and 57.2 percent Y-o-Y.
The company recorded a revenue of Rs 25,862 million, a growth of 12.9 per cent Q-oQ and 34.3 percent Y-oY. It also declared an interim dividend of rs 10 per share.
The company's 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 the company's highest YoY growth for a quarter in a decade, Mindtree CEO and MD Debashis Chatterjee said.
The company maintained EBITDA margin at 20.5 percent while making aggressive investments in further expanding its domain, digital and leadership capabilities, geographic footprint, and hyperscaler partnerships, he said.
The broad-based momentum and growth outlook across all verticals, service lines and geographies attest to the company's operational rigor and sharp focus on being a trusted business transformation partner to its clients, Chatterjee said.
"Thanks to the disciplined execution of our strategy, and the dedication of Mindtree Minds, we are well-positioned to capitalize on the strong demand environment and deliver profitable, industry-leading growth in FY22," he said.
There are as many as 29,732 Mindtree Minds as of September 30, 2021 and trailing 12 months attrition was 17.7 per cent.
On key deals of the company in Q2, the company said a leading global technology company selected Mindtree to envision and execute a strategic data modernization program.
Also, one of the world’s largest airlines selected Mindtree as their enterprise assurance partner under a multiyear deal to accelerate time-to-market and significantly reduce the total cost of ownership through automation, it said.
"A large global bank selected Mindtree for a multiyear deal to provide global support to the content and event operations of the marketing function of its asset and wealth management unit," the company said.
The Board of Directors at its meeting held on October 13 has declared an interim dividend of 100 per cent, that is Rs 10 per equity share of par value of Rs 10 each.
UNI BDN SHK2206
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