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Mindtree Q2 results: Net profit rises 27.5% to Rs 508 crore

Mindtree Q2 results: Net profit rises 27.5% to Rs 508 crore

The Bengaluru-headquartered company won eight key deals during the quarter. A leading financial institution in Europe selected it as its sole technology partner to accelerate digital transformation spanning data, process, and technology over the next four years.

Mindtree Q2 Results Mindtree Q2 Results

Information technology company Mindtree reported a consolidated net profit of Rs 508 crore for the quarter ended September 30, 2022, up 27.5 per cent from Rs 398 core reported in the same quarter of the previous year. Its consolidated revenue for the quarter grew 31.5 per cent year-on-year (YoY) to Rs 3,400 crore from Rs 2,586 crore in the corresponding quarter last year. 

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The Bengaluru-headquartered company won eight key deals during the quarter. A leading financial institution in Europe selected it as its sole technology partner to accelerate digital transformation spanning data, process, and technology over the next four years.
 
A Swedish security products company selected the company as its primary IT partner and signed a five-year managed services deal, as part of which, Mindtree will deliver global cloud and digital workplace transformation services to drive digitalization and standardization across the company.
 
Mindtree CEO and MD Debashis Chatterjee said the company's robust performance in the second quarter of FY23 marked a solid first half of the year. He further states that the company's not only delivered strong revenues of $422.1 million, up 7.2 per cent sequentially in constant currency, but also maintained its EBITDA margin at a healthy 21 per cent despite wage hikes across the board, making it the seventh consecutive quarter of more than 5 per cent revenue growth in constant currency, and eighth consecutive quarter of more than 20 per cent EBITDA margin.
 
"Notably, with an order book of $518 million, our H1 signings crossed $1 billion for the first time in our history, thanks to our ability to help our clients address digital transformation’s dual objectives of revenue maximization and cost optimization,” he said.

Published on: Oct 13, 2022, 4:58 PM IST
Posted by: Saurabh Sharma, Oct 13, 2022, 4:54 PM IST