Mindtree

During the first quarter of FY23, the company has seen its revenues jump to USD 399.3 million quarter-on-quarter, up by 4 per cent

Mindtree has announced its consolidated results today for the first quarter of FY23 that saw the company record revenue growth of 4 per cent QoQ (28.6 per cent YoY). During the first quarter of FY23, the company has seen its revenues jump to USD 399.3 million quarter-on-quarter, up by 4 per cent. But its net profit USD 60.3 million has declined by 3.8 per cent QoQ (growth of 29.7 per cent YoY).  “We are excited to report a strong start to FY23 with robust revenue growth, solid margin, and a record order book, demonstrating our continued industry-leading growth momentum,” said Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree. 

“With revenues of USD 399.3 million, up 5.5 per cent sequentially in constant currency on the back of a healthy demand for our digital capabilities, this was our sixth consecutive quarter of more than 5 per cent revenue growth in constant currency. Our EBITDA was 21.1 per cent, underscoring our disciplined execution and operational rigour. Our highest-ever order book of USD 570 million reflects the relevance of our value proposition in delivering business-critical transformation at scale. We are proud of our dedicated teams who continue to exceed client expectations with passion and purpose”, he added.

The quarterly results also saw the company shed light on trailing 12 months attrition, which was 24.5 per cent. During the earnings call, CEO Debashis Chatterjee said that it would take several quarters for the situation to stabilise. Mindtree has onboarded 4,700 employees during the Q1 and its total headcount stood at 37,455 professionals on June 30, 2022. In terms of geographies, North America contributed 76.8 per cent, continental Europe, UK and Ireland contributed 14.6 per cent and APAC & middle east contributed 8.6 per cent of the Q1 FY23 revenue during the quarter. Amongst its key deal wins during Q1 FY23 were a leading U.S.-based airline that chose Mindtree as a preferred digital product development partner, and a healthcare technology provider, which awarded a three-year digital transformation contract to Mindtree for business-critical application development and maintenance services.