Mindtree Q2 net profit rises 27.5% to Rs 508 cr; revenue up 31.5%

Mindtree signed total contract value (TCVs) worth $518 million, taking its first half of FY23 TCV to $1 billion for the first time ever

Mid-cap IT services player Mindtree reported net profit of Rs 508.7 crore for the Q2 of FY23, up 27.5 per cemt year on year and sequential rise of 7.9 per cent.

Revenue for the quarter was up 31.5 per cent year on year at Rs 3,400 crore. Revenue were up 8.9 per cent sequentially. The company signed total contract value (TCVs) worth $518 million, taking its first half of FY23 TCV to $1 billion for the first time ever.

“Our robust performance in the second quarter of FY23 marked a solid first half of the year,” said Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree. “We maintained our EBITDA margin at a healthy 21% despite wage hikes across the board, making it our seventh consecutive quarter of more than 5% revenue growth in constant currency, and eighth consecutive quarter of more than 20% EBITDA margin.”

The company had a total active client base of 276. The company’s headcount touched 32,290 as of end of September 30, 2022. Attrition continued to be high at 24.1 per cent for the quarter.