Mindtree Q2 profit soars 57.2pc to Rs 398.9 crore

IT company Mindtree on Wednesday posted a 57.2 per cent increase in net profit to Rs 398.9 crore in the second quarter ended on September 30, 2021.

The company had posted a net profit of Rs 253.7 crore in the same quarter a year ago.

Consolidated revenue from operations of Mindtree increased by 34.27 per cent to Rs 2,586.2 crore during the reported quarter from Rs 1,926 crore in the corresponding quarter of 2020-21.

''Our revenues in the second quarter were USD 350.1 million, up 12.7 per cent sequentially and 34.1 per cent year-on-year, which was our highest YOY growth for a quarter in a decade,'' Mindtree CEO and MD Debashis Chatterjee said in a statement.

He said that with disciplined execution and dedication of Mindtree Minds, the company is well positioned to capitalise on the strong demand environment and deliver profitable industry-leading growth in the current financial year.

In terms of geographies North America contributed at 72.8 per cent, continental Europe 8.7 per cent, the UK and Ireland 10.9 per cent and the APAC and the Middle East contributed 7.6 per cent in the revenues of the company during the quarter.

''There is a growing appetite to tap into digital and cloud technologies. Organisations are looking for strategic partners. For us this is translating into more opportunities,'' Chatterjee said.

In the services segment, customer success division of Mindtree continued to lead the contribution with 43.2 per cent share. It was followed by enterprise and IT with 23.8 per cent share, cloud 18.7 per cent and Data and intelligence division contributed 14.3 per cent. Chatterjee said that the company's strategy to diversify growth is working well.

''We are also going into opportunities in the food and beverages and surface transportation system,'' he said.

The company hired 4,400 people during the quarter taking its total headcount to over 29,700.

To build additional supplies of in-demand technologies to meet growth needs, Mindtree has launched a learn and earn programme for BSc and BCA graduates in collaboration with BITS Pilani.

''We will hire fresh BSc and BCA graduates and provide them with a fully funded opportunity to pursue M Tech degree in software engineering from BITS Pilani while working at cutting edge technology at Mindtree,''Chatterjee said.

He said the performance in the first half of current fiscal gives the company confidence of delivering a profitable industry leading growth.

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