Mindtree starts FY23 with strong growth and record backlog

First-quarter revenue up 5.5% sequentially in constant currency; EBITDA margins at 21.1%; highest order book at $570 million

BENGALERU, India and WARREN, NJ , July 13, 2022 /PRNewswire/ — Mindtree, a global technology services and digital transformation company, today announced its consolidated results for the first quarter ended June 30, 2022, as approved by its Board of Directors.

“We are delighted to report a strong start to FY23 with robust revenue growth, strong margin and record backlog, demonstrating our continued industry-leading growth momentum,” said Debashis Chatterjee, Chairman and Chief Executive Officer and Managing Director of Mindtree. “With revenues of $399.3 million, up 5.5% sequentially in constant currency on healthy demand for our digital capabilities, this is our sixth consecutive quarter of revenue growth of over 5% in constant currency. Our EBITDA was 21.1%, underscoring our disciplined execution and operational rigor. Our highest backlog of $570 million reflects the relevance of our value proposition in achieving large-scale strategic transformation. We are proud of our dedicated teams who continue to exceed customer expectations with passion and determination.”

Key Financial Highlights:

Quarter ended June 302022

  • In USD:
    • The turnover was $399.3 million (growth of 4.0% q/q / 28.6% y/y)
    • The net profit was $60.3 million (3.8% decrease qt/29.7% y/y growth)
  • In RNI:
    • Revenue was ₹31,211m (7.7% YoY / 36.2% YoY growth)
    • Net profit was ₹4,716m (0.3% YoY decrease / 37.3% YoY growth)

Other highlights:

  • Customer :
    • 274 active customers in June 30, 2022
    • More than 10 million customers increased by 3, total 35
    • More than 20 million customers increased by 4, total 18
  • People:
    • 37,455 professionals at June 30, 2022
    • Last 12 months attrition was 24.5%
  • Some key contracts won in the first quarter of FY23:
    • A major US-based airline has chosen Mindtree as their preferred digital product development partner. Under the multi-year agreement, Mindtree will help the airline accelerate its growth by transforming its core systems and digital channels.
    • A healthcare technology provider has awarded a three-year digital transformation contract to Mindtree for business-critical application development and maintenance services.
    • A leading hyperscaler has selected Mindtree for a multi-year managed services agreement under which Mindtree will provide a broad range of technology and program management support to the company’s digital stores worldwide.
    • A leading global specialty insurance and reinsurance company has chosen Mindtree as their preferred partner for a multi-year managed services program spanning cloud, IT infrastructure and security.
    • A leading audio technology company has chosen Mindtree as their preferred partner for a multi-year managed services agreement including cloud, development and testing services.
    • An Australian wealth management group has chosen Mindtree as the partner of choice for its modernization and digital transformation program.
  • Recognitions:
    • Recognized as a major competitor by Everest Group in its PEAK Matrix® Healthcare Payer Digital Services 2022 assessment.
    • Named an Aspirant by Everest Group in its 2022 PEAK Matrix® Assessment of Sustainability Enabling Technology Services.
    • Achieved British Standards Institution (BSI) certification for seven ISO standards at 18 sites, including five new ones added this year, in the US, UK, Polandand India.
    • Leading CRISIL’s ESG assessment of more than 575 companies in India in 53 sectors and has been awarded the position of “Leadership” in CRISIL’s Sustainability Yearbook 2022.
    • Ranked among Asia Pacific the top ten companies on the FT-Nikkei-Statista Asia-Pacific Climate Leaders list for achieving the greatest reduction in greenhouse gas (GHG) emissions intensity over the period 2015-2020.
    • Recognized by the Association for Talent Development (ATD) BEST Awards for impacting and solving business challenges through talent development practices.
    • Won the golden peacock 2021 Risk Management Award for Business Excellence and Maturity in Enterprise Risk Management.
    • Won the BW People HR Diversity and Inclusion Award for outstanding D&I initiatives.

About Mindtree

Mindtree [NSE: MINDTREE] is a global technology consulting and services company that enables companies in all industries to achieve superior competitive advantage, customer experience and business results by leveraging digital and cloud technologies. The digital transformation partner of approximately 275 of the world’s most pioneering companies, Mindtree brings deep domain, technology and consulting expertise to help reinvent business models, accelerate innovation and maximize growth. As a socially and environmentally responsible company, Mindtree focuses on growth as well as sustainability in creating long-term value for stakeholders. Powered by more than 37,400 talented and enterprising professionals in 24 countries, Mindtree, a Larsen & Toubro company, is consistently recognized as one of the best places to work. For more information, visit www.mindtree.com or @Mindtree_Ltd.

safe port

Certain statements in this release regarding our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause our actual results to differ materially from those in these forward-looking statements. Conditions caused by the COVID-19 pandemic could reduce customers’ technology spending, affect demand for our services, delay potential customers’ purchasing decisions, and impact our ability to provide on-site consulting services; all of which could adversely affect our future revenue, margin and overall financial performance. Our operations may also be adversely affected by a range of external factors related to the COVID-19 pandemic that are beyond our control. We do not undertake to update any forward-looking statements that may be made from time to time by us or on our behalf.

For more information contact: [email protected].

Mindtree Limited, Global Village, RVCE Post, Mysore Road, Bangalore-560059;

CIN: L72200KA1999PLC025564; Telephone: + 91 80 6706 4000; Fax: +91 80 6706 4100;

E-mail: [email protected]/[email protected]; Website: www.mindtree.com

Logo: https://mma.prnewswire.com/media/1004066/Mindtree_Logo.jpg

SOURCE Mindtree

Lucas E. Kelly