MindTree slips after muted Q1 performance; employee woes continue

14 Jul 2022 , 09:31 AM

As compared with Q1 FY22, the companys net profit and revenue are higher by 37.3% and 36.2%, respectively. EBITDA improved by 8.2% to Rs 658.1 crore in Q1 FY23 from Rs 608.3 crore in Q4 FY22. EBITDA margin was 21.1% in Q1 FY23 as compared with 21% in Q4 FY22. Employee benefits expense in Q1 FY23 was Rs 1,853.6 crore, up 5.9% QoQ and up 35.6% YoY. Total headcount as on 30 June 2022 was 37,455. The trailing 12-month attrition rate stood at 24.5% in Q1 FY23 as against 23.8% in Q4 FY22 and 13.7% in Q1 FY22. The company had a healthy order book of $570 million, up 13.1% in Q1 FY23. The IT firm had 274 active clients as of 30 June 2022. It added 3 new clients in the $10 million+ category, taking the total to 35. The number of clients in the $20 million+ category increased by 4, taking the total 18. The companys free cash flow increased to Rs 399.7 crore in Q1 FY23 as against Rs 502.9 crore in Q4 FY22 and Rs 97.3 crore in Q1 FY22. In dollar terms, Mindtree registered a decline of 3.8% in consolidated net profit to $60.3 million despite a 4% rise in revenue to $399.3 million in Q1 FY23 over Q4 FY22. Revenue in the first quarter increased by 5.5% sequentially in constant currency terms. Debashis Chatterjee, chief executive officer and managing director, Mindtree, said: ?We are excited to report a strong start to FY23 with robust revenue growth, solid margin, and a record order book, demonstrating our continued industry-leading growth momentum. Mindtree, a Larsen & Toubro Group company, is a global technology consulting and services company. Powered by Capital Market – Live News