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    Mindtree Q1 results: Net profit up 130% to Rs 213 crore

    Synopsis

    Dollar revenue rose 4.1% to $253.2 million but fell 9% quarter-on-quarter.

    Mindtree-PTIPTI
    Revenue for the quarter ended June 30 rose 4.1% year-on-year to Rs 1,908.8 crore but was down 6.9% sequentially.
    Pune: Mid-size IT services provider Mindtree said on Tuesday net profit grew about 130% in the first quarter to Rs 213 crore. Profit was also 3.3% higher sequentially, it said.

    Revenue for the quarter ended June 30 rose 4.1% year-on-year to Rs 1,908.8 crore but was down 6.9% sequentially.

    Dollar revenue rose 4.1% to $253.2 million but fell 9% quarter-on-quarter.

    Net profit in dollar terms was $28.3 million.

    “We closed the quarter with a healthy order book of $391 million despite the global headwinds due to the Covid-19 pandemic. Our unwavering focus on operational efficiencies has helped us to post a healthy EBITDA of 18.2%,” said Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree.

    The company added six new clients during the quarter, with a total of 292 active clients as of June 30. The total headcount at the end of the quarter stood at 21,955, with trailing 12 months attrition rate at 16.6%.

    The company said new project wins during the quarter included a cloud transformation and modernisation roadmap for a travel technology firm and developing and testing services for a healthcare firm in North America.

    It has also been awarded a multi-year global infrastructure services contract from an existing client for a corporate travel and meetings management company.

    Emkay Global Financial Services said in a note that while the revenue performance fell a tad short of the company's mid quarter outlook with a 9% sequential revenue decline, it managed to hold argins. “Growth continues to be very strong at the top client with revenue performance across other segments/client buckets being very weak ( and as one would expect across the sector). Order intake /Deal wins are very good,” said the note.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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