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Bengaluru, NFAPost: IT firm Mindtree on Tuesday reported net profit at Rs 343.4 crore for the quarter ended June 30, 2021, an increase of 61.2% year-on-year, and sequentially profits grew 8.2%. A broad-based growth across verticals and geographies saw the company’s revenue rise by 20.1% at Rs 2,291.7 crore for the quarter. Sequentially, the company’s revenue was up 8.6%.

In dollar terms, Mindtree’s revenue grew 7.7% sequentially and profit was up by 7.5%. “We are pleased to report a strong start to FY22 with broad-based first-quarter growth across all service lines and industry segments. We are confident of doing an industry leading growth momentum. In fact this will be third concecutive quarter where we have seen 5 per cent sequential growth,” said Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree.

“Our highest ever order book of $504 million affirms that the focused execution of our strategy and our client-centricity in re-imagining business models for the digital era are helping us drive profitable and sustainable growth. We are proud of the passion and perseverance with which Mindtree Minds have continued to deliver value to our clients and exceed their expectations despite difficult conditions,” he further added.

The company saw a net addition of 3,442 associates during the quarter. Mindtree also reported attrition of 13.7% for the quarter, higher from the 12.1% the company reported in Q4FY21. The company also said that it would be giving salary hikes to some percentage of its employee base. On rising attrition Chatterjee said: “The supply side situation we have managed very well. We have also increased our fresher intake.

In terms of growth from geographies, continental Europe led the growth with a QoQ growth of 30.4%, followed by the US, which grew 7.7% and APAC and Middle East were flat with an increase of 0.7%. However, the company reported a drop of 4.7% in UK and Ireland.

In terms of verticals, travel, transport,logistic and hospitality led the growth that was up 13.1% qoq, followed by retail, consumer products and manufacturing that grew 7.7 percent. BFSI which was slow in the past few quarters grew 6.4%.

(The story is based on inputs from Business Standard)

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