Mindtree Q1 Results FY2023, Revenue up by 7.7% QoQ

On 13th July  2022, Mindtree announced its quarterly results for the first quarter of FY2023. 

Key Highlights:

Q1FY23 Performance updates:

- For Q1FY23 Mindtree posted revenue of $ 399.3 Million up by 4% QoQ and 28.6% YoY.

- Net profit was $ 60.3 million with a decline of 3.8% QoQ and a growth of 29.7% YoY

- The INR Revenue is at ₹ 31211 Million with a growth of 7.7% QoQ and 36.2% YoY

- The INR Net profit is at ₹ 4716 million with a drop of 0.3% QoQ and up by 37.3% YoY.

- The company saw a 33.8% YoY EBITDA growth, and 39% YoY EBIT growth 

- For Q1FY23, the company saw a healthy order book of $570 million, up 13.1% YoY 

Mindtree Q1FY23 Result Review

Geographical Revenue:

- For Q1FY23, the revenue from geographical presence in the North American market grew by 8.5% on a QoQ basis and by 28.9% on a YoY basis. 

- For Q1FY23, the revenue from the geographical presence in the Continental European market declined by 9.2% on a QoQ basis and growth by 17.8% on a YoY basis. 

- In Q1FY23, the revenue from the UK and Ireland market declined by 18.7% on a QoQ basis and grew by 14% on a YoY basis. 

- In Q1FY23, the revenue from the APAC and Middle East markets grew by 2.6% on a QoQ basis and grew by 54.2% on a YoY basis. 
 

Revenue by Industry:

- The revenue from BFSI grew by 6.5% QoQ and 31.7% YoY for Q1FY23.

- The revenue from Communications, Media and Technology grew by 5.9% QoQ and grew by 24.7% YoY for Q1FY23.

- The revenue from Travel, Transportation and Hospitality grew by 11.2% QoQ and by 48.9% YoY for Q1FY23.

- The revenue from Retail, CPG and Manufacturing declined by 8.7% QoQ and grew by 15.6% YoY for Q1FY23.

- The revenue from Healthcare increased by 43.5% QoQ and grew by 170.4% YoY for Q1FY23.

Key Deals Won in Q1FY23:

- A leading U.S.-based airline chose Mindtree as a preferred digital product development partner. As part of the multiyear deal, Mindtree will help the airline accelerate growth by transforming its core systems and digital channels.

- A healthcare technology provider awarded a three-year digital transformation contract to Mindtree for business-critical application development and maintenance services.

- A leading hyperscaler selected Mindtree for a multiyear managed services deal as part of which Mindtree will provide a wide range of technology and program management support to the company’s digital stores worldwide. 

- A leading global specialty insurance and reinsurance company selected Mindtree as a preferred partner for a multiyear managed services program spanning cloud, IT infrastructure, and security. 

- A leading audio technology company chose Mindtree as a preferred partner for a multiyear managed services deal consisting of cloud, development, and testing services.

- An Australian wealth management group selected Mindtree as a partner of choice for its core modernization and digital transformation program.

Commenting on the results Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree said: “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. With revenues of $399.3 million, up 5.5% sequentially in constant currency on the back of healthy demand for our digital capabilities, this was our sixth consecutive quarter of more than 5% revenue growth in constant currency. Our EBITDA was 21.1%, underscoring our disciplined execution and operational rigor. Our highest-ever order book of $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.”