Mindtree Q2FY23 PAT up 27.53% at Rs509cr as TCV for quarter crosses $1 billion

13 Oct 2022 , 06:53 PM

Mindtree Ltd reported 31.48% growth in total sales revenues for the September 2022 quarter on consolidated basis at Rs3,400cr.

Sequential revenues were up 5.70% on a sequential basis and 20.6% on a yoy basis. Mindtree had 276 active clients as of September 2022 and the $5 million plus clients increased to 61.

Its trailing attrition rate stood at 24.1%, largely in line with the industry standards at this point of time. The ROCE stood at 43.1% for the quarter while the ROE stood at 35.6% for the quarter.

Incremental deal TCV of $518 million allowed the total TCV to cross $1 billion for the first time. While yoy revenue growth was 30-35% for North America and APAC, it was negative growth for UK and Europe.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 27.53% at Rs509cr as the company’s premium high value clients helped to boost the margins further.

The utilization rate is still above 80% and that is a good signal amidst such high attrition rates. On a yoy basis, the company did face higher manpower costs and sub-contracting costs but the higher revenues and improved mix made up for it.

Net profit margins and the operating margins were lower on a yoy basis and also on a sequential basis. This has been spurred by relatively higher forex and hedging costs incurred by the company.

Financial highlights for Sep-22 compared yoy and sequentially

	Mindtree Ltd
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 3,400	₹ 2,586	31.48%	₹ 3,121	8.95%
Operating Profit (Rs cr)	₹ 716	₹ 531	34.86%	₹ 658	8.75%
Net Profit (Rs cr)	₹ 509	₹ 399	27.53%	₹ 472	7.87%
Diluted EPS (Rs)	₹ 30.83	₹ 24.19		₹ 28.57
OPM	21.05%	20.52%		21.09%
Net Margins	14.96%	15.42%		15.11%