Mindtree Q2 Results FY2023, Revenue up by 31.5%

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

Q2FY23 Performance updates:

In USD: 

- Revenue was $422.1 million, with a growth of 5.7% QoQ and 20.6% YoY
- Net profit was $63.1 million, with a growth of 4.6% QoQ and 16.9% YoY 

 In INR: 

- Revenue was Rs. 34,004 million, with a growth of 8.9% QoQ and 31.5% YoY
- Net profit was Rs. 5,087 million, with a growth of 7.9% QoQ and 27.5% YoY
 

Other Highlights:

- The company reported 276 active clients as of September 30, 2022, with $1 million+ clients increased by 15, a total of 160, and $5 million+ clients increased by 3, a total of 61
- The company reported 38,290 professionals as of September 30, 2022
- Trailing 12 months attrition for the company was 24.1% 

Key deals won:

- A leading financial institution in Europe selected Mindtree as its sole technology partner to accelerate digital transformation spanning data, process, and technology over the next four years. 
- A Swedish security products company selected Mindtree as its primary IT partner and signed a five-year managed services deal
- A leading digital marketing and loyalty management company selected Mindtree for a multiyear deal 
- A leading European travel technology company selected Mindtree as a preferred partner to support and execute its transformation program
- A leading hyperscaler selected Mindtree to provide multiyear managed cloud infrastructure and cybersecurity services globally. 
- A global vacation experiences company selected Mindtree as a strategic partner for its transformation program 
- A global asset manager selected Mindtree as its preferred IT partner for a multiyear application maintenance and support program 
- A leading multinational pharmaceutical and biotechnology company selected Mindtree as its innovation partner of choice to support its metaverse program. 

Commenting on the results, Debashis Chatterjee, CEO and Managing Director of Mindtree said: “Our robust performance in the second quarter of FY23 marked a solid first half of the year. “We not only delivered strong revenues of USD 422.1 million, up 7.2% sequentially in constant currency, but also maintained our EBITDA margin at a healthy 21% despite wage hikes across the board, making it our seventh consecutive quarter of more than 5% revenue growth in constant currency, and eighth consecutive quarter of more than 20% EBITDA margin. Notably, with an order book of USD 518 million, our H1 signings crossed USD 1 billion for the first time in our history, thanks to our ability to help our clients address digital transformation’s dual objectives of revenue maximization and cost optimization. We owe our consistent profitable growth to the confidence that our clients and partners have placed in our vision, and to the passion of our more than 38,200 talented professionals who live and breathe that vision every day.”

On Friday, Mindtree share price rose up by 1.53%