On consolidated basis
Mindtree for the quarter ended Sep 2021 reported a consolidated revenue of Rs 2,750.0 cr, a growth of 6.3% QoQ and 35.9%YoY. On USD terms the revenue for the quarter was USD 366.4 million, a growth of 4.7% QoQ and 33.7% YoY.
Quarterly performance QoQ comparison
Net sales (including other operating income) of Mindtree has increased 6.33% to Rs 2750 crore.
Operating profit margin has jumped from 20.52% to 21.53%, leading to 11.57% rise in operating profit to Rs 592.10 crore. Employee cost decreased from 60.49% to 59.85%. Other expenses fell from 18.99% to 18.62%.
Other income fell 5.35% to Rs 70.8 crore. PBIDT rose 9.48% to Rs 650.2 crore. Provision for interest rose 1.60% to Rs 12.7 crore. Loan funds rose to Rs 564.10 crore as of 31 December 2021 from Rs 553.40 crore as of 30 September 2021. Inventories declined from Rs 4.20 crore as of 30 September 2021 to Rs 4.00 crore as of 31 December 2021. Sundry debtors were higher at Rs 1,742.80 crore as of 31 December 2021 compared to Rs 1,651.50 crore as of 30 September 2021. Cash and bank balance rose to Rs 468.80 crore as of 31 December 2021 from Rs 360.10 crore as of 30 September 2021. Investments rose to Rs 2,604.30 crore as of 31 December 2021 from Rs 2,434.70 crore as of 30 September 2021 .
PBDT rose 9.65% to Rs 650.2 crore. Provision for depreciation rose 3.61% to Rs 63.2 crore. Fixed assets increased to Rs 900.20 crore as of 31 December 2021 from Rs 849.60 crore as of 30 September 2021. Intangible assets declined from Rs 488.20 crore to Rs 473.20 crore.
Profit before tax grew 10.34% to Rs 587.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 149.5 crore, compared to Rs 133.1 crore. Effective tax rate was 25.47% compared to 25.02%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 9.68% to Rs 437.50 crore.
Equity capital stood at Rs 164.80 crore as of 31 December 2021 to Rs 164.80 crore as of 30 September 2021. Per share face Value remained same at Rs 10.00.
Promoters stake was 61.00% as of 31 December 2021 ,compared to 61.00% as of 30 September 2021 .
Quarterly performance YoY comparison
Net sales (including other operating income) of Mindtree has increased 35.89% to Rs 2750 crore. Sales of Retail, CPG and Manufacturing segment has gone up 54.10% to Rs 667.40 crore (accounting for 24.27% of total sales). Sales of Banking, Financial Services and Insurance segment has gone up 21.46% to Rs 480.50 crore (accounting for 17.47% of total sales). Sales of Communications, Media and Technology segment has gone up 26.65% to Rs 1,185.70 crore (accounting for 43.12% of total sales). Sales of Travel and Hospitality segment has gone up 58.90% to Rs 380.40 crore (accounting for 13.83% of total sales). Sales of segment has gone up 85.57% to Rs 36.00 crore (accounting for 1.31% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 26.54% to Rs 592.10 crore. PBIT of Retail, CPG and Manufacturing segment rose 5.72% to Rs 109.00 crore (accounting for 18.41% of total PBIT). PBIT of Banking, Financial Services and Insurance segment rose 2.31% to Rs 93.20 crore (accounting for 15.74% of total PBIT). PBIT of Communications, Media and Technology segment rose 28.46% to Rs 297.90 crore (accounting for 50.31% of total PBIT). PBIT of Travel and Hospitality segment rose 133.06% to Rs 86.70 crore (accounting for 14.64% of total PBIT). PBIT of segment rose 15.22% to Rs 5.30 crore (accounting for 0.90% of total PBIT).
PBIT margin of Retail, CPG and Manufacturing segment fell from 23.81% to 16.33%. PBIT margin of Banking, Financial Services and Insurance segment fell from 23.03% to 19.40%. PBIT margin of Communications, Media and Technology segment rose from 24.77% to 25.12%. PBIT margin of Travel and Hospitality segment rose from 15.54% to 22.79%. PBIT margin of segment fell from 23.71% to 14.72%. Overall PBIT margin fell from 23.12% to 21.53%.
Operating profit margin has declined from 23.12% to 21.53%, leading to 26.54% rise in operating profit to Rs 592.10 crore. Employee cost decreased from 62.31% to 59.85%. Other expenses rose from 14.57% to 18.62%.
Other income rose 14.94% to Rs 70.8 crore. PBIDT rose 25.19% to Rs 662.9 crore. Loan funds rose to Rs 564.10 crore as of 31 December 2021 from Rs 550.50 crore as of 31 December 2020. Sundry debtors were higher at Rs 1,742.80 crore as of 31 December 2021 compared to Rs 1,229.60 crore as of 31 December 2020. Cash and bank balance rose to Rs 468.80 crore as of 31 December 2021 from Rs 220.20 crore as of 31 December 2020. Investments rose to Rs 2,604.30 crore as of 31 December 2021 from Rs 2,304.00 crore as of 31 December 2020 .
PBDT rose 25.81% to Rs 650.2 crore. Provision for depreciation fell 11.85% to Rs 63.2 crore. Fixed assets increased to Rs 900.20 crore as of 31 December 2021 from Rs 799.70 crore as of 31 December 2020. Intangible assets declined from Rs 512.90 crore to Rs 473.20 crore.
Profit before tax grew 31.88% to Rs 587.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 149.5 crore, compared to Rs 118.6 crore. Effective tax rate was 25.47% compared to 26.65%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 34% to Rs 437.50 crore.
Equity capital increased from Rs 164.70 crore as of 31 December 2020 to Rs 164.80 crore as of 31 December 2021. Per share face Value remained same at Rs 10.00.
Promoters stake was 61.00% as of 31 December 2021 ,compared to 61.03% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Mindtree has increased 30.20% to Rs 7627.9 crore. Sales of Retail, CPG and Manufacturing segment has gone up 48.81% to Rs 1,829.90 crore (accounting for 23.99% of total sales). Sales of Banking, Financial Services and Insurance segment has gone up 14.85% to Rs 1,350.30 crore (accounting for 17.70% of total sales). Sales of Communications, Media and Technology segment has gone up 21.98% to Rs 3,327.20 crore (accounting for 43.62% of total sales). Sales of Travel and Hospitality segment has gone up 55.86% to Rs 1,034.60 crore (accounting for 13.56% of total sales). Sales of segment has gone up 39.45% to Rs 85.90 crore (accounting for 1.13% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 32.93% to Rs 1,587.30 crore. PBIT of Retail, CPG and Manufacturing segment rose 2.55% to Rs 278.00 crore (accounting for 17.51% of total PBIT). PBIT of Banking, Financial Services and Insurance segment rose 8.17% to Rs 275.50 crore (accounting for 17.36% of total PBIT). PBIT of Communications, Media and Technology segment rose 31.95% to Rs 798.30 crore (accounting for 50.29% of total PBIT). PBIT of Travel and Hospitality segment rose 419.95% to Rs 221.50 crore (accounting for 13.95% of total PBIT). PBIT of segment fell 32.37% to Rs 14.00 crore (accounting for 0.88% of total PBIT).
PBIT margin of Retail, CPG and Manufacturing segment fell from 22.05% to 15.19%. PBIT margin of Banking, Financial Services and Insurance segment fell from 21.66% to 20.40%. PBIT margin of Communications, Media and Technology segment rose from 22.18% to 23.99%. PBIT margin of Travel and Hospitality segment rose from 6.42% to 21.41%. PBIT margin of segment fell from 33.60% to 16.30%. Overall PBIT margin rose from 20.38% to 20.81%.
Operating profit margin has jumped from 20.38% to 20.81%, leading to 32.93% rise in operating profit to Rs 1,587.30 crore. Employee cost decreased from 64.88% to 60.01%. Other expenses rose from 14.74% to 19.18%.
Other income rose 92.73% to Rs 217.4 crore. PBIDT rose 38.09% to Rs 1804.7 crore. Provision for interest fell 2.31% to Rs 38.1 crore. Loan funds rose to Rs 564.10 crore as of 31 December 2021 from Rs 550.50 crore as of 31 December 2020. Sundry debtors were higher at Rs 1,742.80 crore as of 31 December 2021 compared to Rs 1,229.60 crore as of 31 December 2020. Cash and bank balance rose to Rs 468.80 crore as of 31 December 2021 from Rs 220.20 crore as of 31 December 2020. Investments rose to Rs 2,604.30 crore as of 31 December 2021 from Rs 2,304.00 crore as of 31 December 2020 .
PBDT rose 39.33% to Rs 1766.6 crore. Provision for depreciation fell 3.13% to Rs 182.4 crore. Fixed assets increased to Rs 900.20 crore as of 31 December 2021 from Rs 799.70 crore as of 31 December 2020. Intangible assets declined from Rs 512.90 crore to Rs 473.20 crore.
Profit before tax grew 46.74% to Rs 1,584.20 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 404.4 crore, compared to Rs 286.4 crore. Effective tax rate was 25.53% compared to 26.53%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 48.74% to Rs 1,179.80 crore.
Equity capital increased from Rs 164.70 crore as of 31 December 2020 to Rs 164.80 crore as of 31 December 2021. Per share face Value remained same at Rs 10.00.
Promoters stake was 61.00% as of 31 December 2021 ,compared to 61.03% as of 31 December 2020 .
Order booking & other operation metrics
Total Contract Value signed in Q3FY2022 stood at USD 358 million compared to USD 312 million in Q3FY21 and USD 360 million in Q2FY22.
Total number of active clients stood at 276 with 8 new additions.
Management Comment
Commenting on the performance of the company Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree said We are pleased to have continued our positive revenue momentum through the third quarter of FY2022 on the back of robust demand, aggressive customer mining and end-to end digital transformation capabilities. Our sequential revenue growth of 5.2% in constant currency reflects the strength of our strategy, execution, partnerships and continued investments in our business and people. Our order book for the quarter was $358 million, up 14.6% year-over-year, and our year-to-date deal TCV crossed $1.2 billion. Our EBITDA margin for the quarter was 21.5%. In the first nine months alone, our PAT of US$ 158.8 million surpassed PAT of the preceding fiscal year. The passion of our future ready talent and the trust of our clients position us well in our endeavor to continue to deliver profitable industry-leading growth in the coming years. .
Mind Tree: Consolidated Financial Results
| 2112 (3) | 2109 (3) | Var. (%) | 2012(3) | Var. (%) | 2112 (9) | 2012 (9) | Var. (%) | 2103 (12) | 2003 (12) | Var. (%) | |
| Sales | 2750.0 | 2586.2 | 6.33 | 2023.7 | 35.9 | 7627.9 | 5858.5 | 30 | 7967.8 | 7764.3 | 3 |
| OPM (%) | 21.5 | 20.5 | 101 bps | 23.1 | -159 bps | 20.8 | 20.4 | 43 bps | 20.8 | 13.9 | 686 bps |
| OP | 592.1 | 530.7 | 12 | 467.9 | 27 | 1587.3 | 1194.1 | 33 | 1656.7 | 1081.5 | 53 |
| Other inc. | 70.8 | 74.8 | -5 | 61.6 | 15 | 217.4 | 112.8 | 93 | 151.7 | 75.6 | 101 |
| PBIDT | 662.9 | 605.5 | 9 | 529.5 | 25 | 1804.7 | 1306.9 | 38 | 1808.4 | 1157.1 | 56 |
| Interest | 12.7 | 12.5 | 2 | 12.7 | 0 | 38.1 | 39.0 | -2 | 50.4 | 52.9 | -5 |
| PBDT | 650.2 | 593.0 | 10 | 516.8 | 26 | 1766.6 | 1267.9 | 39 | 1758.0 | 1104.2 | 59 |
| Dep. | 63.2 | 61.0 | 4 | 71.7 | -12 | 182.4 | 188.3 | -3 | 259.6 | 275.4 | -6 |
| PBT | 587.0 | 532.0 | 10 | 445.1 | 32 | 1584.2 | 1079.6 | 47 | 1498.4 | 828.8 | 81 |
| Tax | 149.5 | 133.1 | 12 | 118.6 | 26 | 404.4 | 286.4 | 41 | 387.9 | 197.9 | 96 |
| Net Profit | 437.5 | 398.9 | 10 | 326.5 | 34 | 1179.8 | 793.2 | 49 | 1110.5 | 630.9 | 76 |
| EPS (Rs)* | 106.2 | 96.8 | 79.2 | 95.5 | 64.2 | 67.4 | 38.3 | ||||
| * On current Paid up equity capital of Rs 164.8 crore, Face value Re 10, Figures in crore Source: Capitaline Databases EO: Extraordinary items EPS is adjusted after EO and relevant tax |
Mind Tree: Consolidated Segment Results
| Particulars | % of Total | 2112 (3) | 2109 (3) | Var. (%) | 2012(3) | Var. (%) | % of Total | 2112 (9) | 2012 (9) | Var. (%) | % of Total | 2103 (12) | 2003 (12) | Var. (%) |
| Segment Revenue | ||||||||||||||
| Retail, CPG and Manufacturing | 24.3% | 667.4 | 656.6 | 1.6% | 433.1 | 54.1% | 24.0% | 1829.9 | 1229.7 | 48.8% | 21.5% | 1716.6 | 1643.9 | 4.4% |
| Banking, Financial Services and Insurance | 17.5% | 480.5 | 453.6 | 5.9% | 395.6 | 21.5% | 17.7% | 1350.3 | 1175.7 | 14.9% | 19.6% | 1563.2 | 1647.9 | -5.1% |
| Communication, Media and Technology | 43.1% | 1185.7 | 1099.5 | 7.8% | 936.2 | 26.7% | 43.6% | 3327.2 | 2727.7 | 22.0% | 50.0% | 3983.5 | 3179.3 | 25.3% |
| Travel, Transportation and Hospitality | 13.8% | 380.4 | 348.9 | 9.0% | 239.4 | 58.9% | 13.6% | 1034.6 | 663.8 | 55.9% | 8.8% | 704.5 | 1293.2 | -45.5% |
| Healthcare | 1.3% | 36 | 27.6 | 30.4% | 19.4 | 85.6% | 1.1% | 85.9 | 61.6 | 39.4% | 0.0% | |||
| Total | 100.0% | 2750 | 2586.2 | 6.3% | 2023.7 | 35.9% | 100.0% | 7627.9 | 5858.5 | 30.2% | 100.0% | 7967.8 | 7764.3 | 2.6% |
| Segment Result | ||||||||||||||
| Retail, CPG and Manufacturing | 18.4% | 109 | 114 | -4.4% | 103.1 | 5.7% | 17.5% | 278 | 271.1 | 2.5% | 22.2% | 368.4 | 284.4 | 29.5% |
| Banking, Financial Services and Insurance | 15.7% | 93.2 | 92.1 | 1.2% | 91.1 | 2.3% | 17.4% | 275.5 | 254.7 | 8.2% | 20.0% | 331 | 200.1 | 65.4% |
| Communication, Media and Technology | 50.3% | 297.9 | 245.4 | 21.4% | 231.9 | 28.5% | 50.3% | 798.3 | 605 | 32.0% | 53.7% | 889.1 | 475.4 | 87.0% |
| Travel, Transportation and Hospitality | 14.6% | 86.7 | 76.6 | 13.2% | 37.2 | 133.1% | 14.0% | 221.5 | 42.6 | 420.0% | 4.1% | 68.2 | 129.9 | -47.5% |
| Healthcare | 0.9% | 5.3 | 2.6 | 103.8% | 4.6 | 15.2% | 0.9% | 14 | 20.7 | -32.4% | 0.0% | |||
| Total | 100.0% | 592.1 | 530.7 | 11.6% | 467.9 | 26.5% | 100.0% | 1587.3 | 1194.1 | 32.9% | 100.0% | 1656.7 | 1089.8 | 52.0% |
| Unallocable | ||||||||||||||
| Less : Expenses | 63.2 | 61 | 3.6% | 71.7 | -11.9% | 182.4 | 188.3 | -3.1% | 259.6 | 283.7 | -8.5% | |||
| Less : Finance cost | 12.7 | 12.5 | 1.6% | 12.7 | 0.0% | 38.1 | 39 | -2.3% | 50.4 | 52.9 | -4.7% | |||
| Add Other income | 70.8 | 74.8 | -5.3% | 61.6 | 14.9% | 217.4 | 112.8 | 92.7% | 151.7 | 75.6 | 100.7% | |||
| PBT | 587 | 532 | 10.3% | 445.1 | 31.9% | 1584.2 | 1079.6 | 46.7% | 1498.4 | 828.8 | 80.8% | |||
| Figures in crore Source: Capitaline Databases |
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