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At Rs 472 crore, Mindtree Q1 profit falls marginally

Mindtree, a subsidiary of Larsen & Toubro (L&T), has posted a 0.3% fall in net profit at Rs 471.6 crore for the first quarter ended June, compared with Rs 473.1 crore recorded during the previous quarter. On a year-on-year basis, the company’s net profit rose 37.3% from Rs 343.4 crore posted during the same quarter a year ago. However, its fourth quarter earnings beat Bloomberg analysts’ consensus estimate, which was expecting the firm to post a net profit of Rs 461.5 crore.

For the quarter under review, the Bengaluru-based firm posted a revenue of Rs 3,121.1 crore, up 7.7% from Rs 2,897.4 crore posted in the previous quarter. On a y-o-y basis, the IT firm’s revenue rose 36.2% from Rs 2,291.7 crore recorded in the first quarter of the previous financial year, Mindtree said in a statement.

“With revenues of $399.3 million, up 5.5% 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% revenue growth in constant currency,” Mindtree CEO and MD Debashis Chatterjee said.

Mindtree had recorded its “highest-ever” orderbook, comprising energy and transformational deals of $570 million. Ebitda rose 8.2% to Rs 658.1 crore from Rs 608.3 crore in the previous quarter, and 41.7% from the year-ago quarter of Rs 464.5 crore.

“Our mission is to help businesses not just keep pace with change, but actually get ahead of it. This is what we call getting to the future faster. Our strategy call to focus on full stack engagement, hyper-scalar partnerships, product-centric models, industry convergence and next generation delivery capabilities is delivering solid results,” Chatterjee said. The company is watching near term macro-economic development and continues to be “cautiously optimistic” about opportunities created by the need to balance cost and digital imperatives with an eye on the future, he added.

The firm, which employed 37,455 professionals as of June 30, had an attrition of 24.5% on a 12-month trailing basis. The company plans to hire about 1,500 freshers every quarter is on track, Venu Lambu, executive director and president (global markets) at Mindtree, added.

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