MindTree Q3 PAT rises 10% QoQ to Rs 438 cr

Mindtree reported 9.7% rise in consolidated net profit to Rs 437.50 crore on 6.3% increase in revenue from operations to Rs 2,750 crore in Q3 FY22 over Q2 FY22.

As compared to Q3 FY21, the company's consolidated net profit and revenue have increased by 34% and 35.9%, respectively.

EBITDA rose 11.6% quarter-on-quarter (QoQ) and 26.5% year-on-year (YoY) to Rs 592.10 crore in Q3 FY22. EBITDA margin was at 21.5% as in Q3 FY22 as against 20.5% in Q2 FY22 and 23.1% in Q3 FY21.

The company's total contract value (TCV) crossed $1.2 billion year-to-date. In Q3 FY22, MindTree had deals worth $358 million as against $360 million during Q2 FY22 and $312 million in Q3 FY21.

The company's free cash flow increased to Rs 459.50 crore in Q3 FY22 from Rs 279.10 crore in Q2 FY22.

In dollar terms, Mindtree registered 8% increase in consolidated net profit to $58.3 million on 4.7% rise in revenue to $366.40 million in Q3 FY22 over Q2 FY22.

The IT firm had 265 active clients as of 31 December 2021. It added two new $5 million+ clients (total 52) and three new $10 million+ clients (total 33) during the quarter.

Its total headcount at the end of the December 2021 period stood at 31,959. The trailing 12-month attrition rate at the end of the quarter stood at 21.9%.

Debashis Chatterjee, the chief executive officer (CEO) and managing director (MD) of Mindtree, said, "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. Our sequential revenue growth of 5.2% in constant currency reflects the strength of our strategy, execution, partnerships, and continued investments in our business and people."

"Our order book for the quarter was $358 million, up 14.6% year-over-year, and our year-to-date deal TCV crossed $1.2 billion. Our EBITDA margin for the quarter was 21.5%. In the first nine months alone, our PAT of $158.8 million surpassed PAT of the preceding fiscal year. 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."

Mindtree is a global technology consulting and services company. It is now a Larsen & Toubro Group Company.

Shares of Mindtree advanced 2.36% to close at Rs 4,743.80 on BSE.

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