Mindtree Q1 PAT rises 3.3% QoQ

MindTree's consolidated net profit rose 3.29% to Rs 213 crore on 6.91% decline in revenue to Rs 1,908.80 crore in Q1 June 2020 over Q4 March 2020.

Consolidated profit before tax (PBT) rose 10.90% to Rs 289.80 crore in Q1 June 2020 as against Rs 261.30 crore in Q4 March 2020. The Q1 earnings were announced during market hours today, 13 July 2020.

EBITDA fell 1% to Rs 347.80 crore in Q1 June 2020 over Q4 March 2020. EBITDA margin stood at 18.2% during Q1 June 2020 over 17.1% in Q4 March 2020.

In dollar terms, the revenue stood at $253.20 million, registering a decline of 9% Q-o-Q (quarter-on-quarter) and 4.1% Y-o-Y (year-on-year). The net profit was at $28.30 million, recording a growth of 0.1% Q-o-Q (quarter-on-quarter) and 111.7% Y-o-Y (year-on-year).

There are currently 292 active clients as of 30 June 2020. Six new clients have been added during the quarter. The company had 21,955 employees as of 30 June 2020. Trailing 12 months attrition rate stood at 16.6%.

Commenting on the Q1 performance, Debashis Chatterjee, the chief executive officer (CEO) and managing director (MD) of Mindtree, has said that: "We closed the quarter with a healthy order book of USD 391M despite the global headwinds due to COVID-19 pandemic. Our unwavering focus on operational efficiencies has helped us to post a healthy EBITDA of 18.2%. With our client - first approach, future-ready talent coupled with increase in digital demand, we are confident to strengthen our position in the market and drive profitable growth in these unprecedented times."

Shares of MindTree fell 3.19% to Rs 975.75 on BSE. MindTree is an international information technology consulting and implementation company that delivers business solutions through global software development.

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