Mindtree Q1: Net Profit Rises 8% QoQ To Rs 343 Cr, Attrition Rate Increased To 13.7%

Mindtree, a midcap IT services business, posted an 8.2% sequential increase in total net profit to Rs 343.4 crore for the quarter ended June, exceeding analysts' exectations.

In the reported quarter, the company's consolidated revenues increased 8.6% sequentially to Rs 2,291.7 crore, slightly exceeding analysts' estimates.

MindTree: Quotes, News

BSE 3433.350 (0.00%)

NSE 3433.850 (0.00%)

Even though the company net acquired 3,442 new employees in the June quarter, the attrition rate increased to 13.7 percent from 12.1 percent the previous quarter.

Deal wins totaled $504 million in the quarter ending June, the most on record and up 34% over the previous quarter.

During the quarter, the company added one client worth more than $20 million and five clients worth more than $10 million, demonstrating strong demand for its services.

Key financial highlights: Quarter ended June 30, 2021

In USD:

Revenue was $310.5 million with a growth of 22.6% year-on-year
Net profit was $46.5 million with a growth of 64.7% year-on-year

In INR:

Revenue was Rs 22,917 million with a growth of 20.1% year-on-year
Net profit was Rs 3,434 million with a growth of 61.2% year-on-year

On the National Stock Exchange, Mindtree's stock finished 0.3 percent higher at Rs 2,504.95.