Mindtree Q3 profit up 34% YoY to Rs 438 cr, rises 9.7% sequentially

Attrition for the quarter rose to 21.9%, from 17.7% the preceding quarter

Mid-cap IT services provider Mindtree reported profit of Rs 437.5 crore for the third quarter of FY22, an increase of 34 per cent y-o-y and up 9.7 per cent sequentially.

Revenue grew 35.9 per cent to Rs 2,750 crore in the Q3 of FY22, revenue were up 6.3 per cent q-o-q.

Mindtree’s third quarter performance reflected the strong growth momentum that the top three players showcased on Wednesday in their results in a seasonally weak quarter.

“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,” said Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree.

On constant currency basis the company reported a sequential revenue growth of 5.2 per cent. “Our order book for the quarter was $358 million, up 14.6 per cent year-over-year, and our year-to-date deal TCV crossed $1.2 billion. 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,” added Chatterjee.

The EBITDA margin for the quarter was 21.5 per cent.

Attrition for the quarter rose to 21.9 per cent from 17.7 per cent in the preceding quarter.