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13.10.2021 – 13:07

Mindtree

Mindtree Reports Strong All-Round Performance in Q2 FY22

Bangalore, India and Warren, N.j. (ots/PRNewswire)

Revenues up 12.7% sequentially; YoY revenue growth highest for a quarter in a decade

Mindtree, a global technology services and digital transformation company, announced its consolidated results today for the second quarter ended September 30, 2021, as approved by its Board of directors.

"We are pleased to report yet another outstanding quarter of all-round performance," said Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree. "Our revenues in the second quarter were $350.1 million, up 12.7% sequentially and 34.1% year-over-year, which was our highest YoY growth for a quarter in a decade. We maintained EBITDA margin at 20.5% while making aggressive investments in further expanding our domain, digital and leadership capabilities, geographic footprint, and hyperscaler partnerships. The broad-based momentum and growth outlook across all verticals, service lines and geographies attest to our operational rigor and sharp focus on being a trusted business transformation partner to our clients. Thanks to the disciplined execution of our strategy, and the dedication of Mindtree Minds, we are well-positioned to capitalize on the strong demand environment and deliver profitable, industry-leading growth in FY22."

Key financial highlights:

Quarter ended September 30, 2021

  • In USD:
    - Revenue was $350.1 million (growth of 12.7% q-o-q / 34.1% y-o-y)
      Net profit was $54.0 million (growth of 16.0% q-o-q / 57.3% y-o-y)
  • In INR:
    - Revenue was INR25,862 million (growth of 12.9% q-o-q / 34.3 %
      y-o-y) Net profit was INR3,989 million (growth of 16.2% q-o-q /
      57.2 % y-o-y)

Other highlights:

  • Clients:
    - 263 active clients as of September 30, 2021 $5 million+ clients
      grew by 3, total 50 $10 million+ clients grew by 5, total 30
  • People:
    - 29,732 Mindtree Minds as of September 30, 2021 Trailing 12 months
      attrition was 17.7%
  • Some of the key deals won in Q2:
    - A leading European producer of dairy and farming machinery awarded
      Mindtree a multiyear contract to transform, implement, and support
      digital workplace services across the globe. A leading insurance
      and investment organization selected Mindtree and Duck Creek to
      drive core transformation and rollout covering a range of products
      across the US, Canada, Europe, Latin America and Asia-Pacific. A
      leading global technology company selected Mindtree to envision
      and execute a strategic data modernization program. One of the
      world's largest airlines selected Mindtree as their enterprise
      assurance partner under a multiyear deal to accelerate
      time-to-market and significantly reduce the total cost of
      ownership through automation. A large global bank selected
      Mindtree for a multiyear deal to provide global support to the
      content and event operations of the marketing function of its
      asset and wealth management unit.
  • Recognitions:
    - Certified by Great Place to Work® Institute as a Great Place to
      Work® in India for 2021-22 Recognized by Great Place to Work®
      Institute as one among India's Best Workplaces(TM) for Women for
      2021 (Top 50 - Large Companies) Won three Brandon Hall Group Human
      Capital Management Excellence Awards for 2021 for innovative
      leadership development, HR data analytics, and employee benefits,
      wellness and well-being programs Achieved the Data Analytics
      Services Partner Specialization in the Google Cloud Partner
      Specialization Program Named a Major Contender in Everest Group's
      Application Transformation Services PEAK Matrix® Assessment 2021
      report Named a Major Contender in Everest Group's Data and
      Analytics Services PEAK Matrix® Assessment 2021 report Won
      Microsoft Teams' Hybrid Work Hackathon 2021; recognized for the
      fourth consecutive term at Microsoft Teams Hackathon
  • Announcement:
    - The Board of Directors at its meeting held on October 13, 2021,
      has declared an interim dividend of 100% (INR 10.0 per equity
      share of par value INR 10 each).

About Mindtree

Mindtree (NSE: MINDTREE) is a global technology consulting and services company, helping enterprises marry scale with agility to achieve competitive advantage. "Born digital," in 1999 and now a Larsen & Toubro Group Company, Mindtree applies its deep domain knowledge to more than 260 enterprise client engagements to break down silos, make sense of digital complexity and bring new initiatives to market faster. We enable IT to move at the speed of business, leveraging emerging technologies and the efficiencies of Continuous Delivery to spur business innovation. Operating in 24 countries across the world, we're consistently regarded as one of the best places to work, embodied every day by our winning culture made up of over 29,700 entrepreneurial, collaborative and dedicated "Mindtree Minds."

To learn more about us, visit www.mindtree.com or follow us @Mindtree_Ltd

Safe harbour

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. The conditions caused by the COVID-19 pandemic could decrease customer's technology spending, affecting demand for our services, delaying prospective customers' purchasing decisions, and impacting our ability to provide on-site consulting services; all of which could adversely affect our future revenue, margin and overall financial performance. Our operations may also be negatively affected by a range of external factors related to the COVID-19 pandemic that are not within our control. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

For more information, contact: media@mindtree.com

Mindtree Limited, Global Village, RVCE Post, Mysore Road, Bangalore-560059; 
CIN: L72200KA1999PLC025564; 
Phone: + 91 80 6706 4000; Fax: +91 80 6706 4100 
E-mail: info@mindtree.com/investors@mindtree.com; Website: www.mindtree.com

Logo: https://mma.prnewswire.com/media/1004066/Mindtree_Logo.jpg

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Original content of: Mindtree, transmitted by news aktuell

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