Mindtree Reports Strong Performance in Q3 FY22
PR94054
BANGALORE, India and WARREN, N.J., January 13, 2022 /PRNewswire=KYODO JBN/ --
- Revenue up 5.2% sequentially in constant currency; EBITDA margins at
21.5%; YTD TCV crosses $1.2 billion
Mindtree [http://www.mindtree.com/], a global technology services and
digital transformation company, announced its consolidated results today for
the third quarter ended December 31, 2021, as approved by its Board of
directors.
"We are pleased to have continued our positive revenue momentum through the
third quarter of FY22 on the back of robust demand, aggressive customer mining,
and end-to-end digital transformation capabilities," said Debashis Chatterjee,
Chief Executive Officer and Managing Director, Mindtree. "Our sequential
revenue growth of 5.2% in constant currency reflects the strength of our
strategy, execution, partnerships, and continued investments in our business
and people. Our order book for the quarter was $358 million, up 14.6%
year-over-year, and our year-to-date deal TCV crossed $1.2 billion. Our EBITDA
margin for the quarter was 21.5%. In the first nine months alone, our PAT of
$158.8 million surpassed PAT of the preceding fiscal year. The passion of our
future-ready talent and the trust of our clients position us well in our
endeavor to continue to deliver profitable industry-leading growth in the
coming years."
Key financial highlights:
Quarter ended December 31, 2021
- In USD:
- Revenue was $366.4 million (growth of 4.7% q-o-q / 33.7% y-o-y)
- Net profit was $58.3 million (growth of 8.0% q-o-q / 32.1% y-o-y)
- In INR:
- Revenue was INR27,500 million (growth of 6.3% q-o-q / 35.9 % y-o-y)
- Net profit was INR4,375 million (growth of 9.7% q-o-q / 34.0 % y-o-y)
Other highlights:
- Clients:
- 265 active clients as of December 31, 2021
- $5 million+ clients grew by 2, total 52
- $10 million+ clients grew by 3, total 33
- People:
- 31,959 Mindtree Minds as of December 31, 2021
- Trailing 12 months attrition was 21.9%
- Some key deals won in Q3:
- A leading global hyperscaler signed an annuity contract with Mindtree.
As part of the contract, Mindtree will support product/platform operations and
security services across geographies.
- A global vacation company selected Mindtree as a strategic
transformation partner to enhance its competitive differentiation in the
leisure travel marketplace. Under this multi-year engagement, Mindtree will
enable the company to enhance customer experience globally across marketing,
sales and services for all its brands in the virtual and the real world.
- A leading global automotive manufacturer selected Mindtree to implement a
digital factory, leveraging the IoT capabilities of Mindtree NxT.
One of the largest home improvement retailers in the U.S. awarded an annuity
contract to Mindtree for agile-based application development and maintenance
services.
- A leading credit bureau selected Mindtree as a strategic partner to build
a new specialty finance platform. Under this program, multiple companies that
are acquired with alternative credit data will be integrated on to this
platform, providing a strong suite of differentiated data assets and new
products to meet changing market needs and enable rapid growth.
- One of the world's largest technology companies selected Mindtree as a
preferred supplier for product engineering and cloud professional services to
enable it to scale faster.
- Recognitions:
- Named a Major Contender in Everest Group's Mainframe Services PEAK
Matrix® Assessment 2022.
Named a Major Contender in Everest Group's Advanced Analytics and Insights
(AA&I) PEAK Matrix® Assessment 2022.
- Named a Major Contender in Everest Group's Internet of Things (IoT)
Services Supply Chain Solutions PEAK Matrix® Assessment 2022.
- Named a Major Contender in Everest Group's Platform IT Banking Services
PEAK Matrix® Assessment 2022.
- Earned the Al and Machine Learning on Microsoft Azure Advanced
Specialization.
- Won the Silver award in the Most Innovative Company of the Year category
at the Best in Biz Awards 2021 in North America.
About Mindtree
Mindtree [NSE: MINDTREE] is a global technology consulting and services
company that enables enterprises across industries to drive superior
competitive advantage, customer experiences and business outcomes by harnessing
digital and cloud technologies. A digital transformation partner to more than
260 of the world's most pioneering enterprises, Mindtree brings extensive
domain, technology and consulting expertise to help reimagine business models,
accelerate innovation and maximize growth. As a socially and environmentally
responsible business, Mindtree is focused on growth as well as sustainability
in building long-term stakeholder value. Powered by more than 31,900 talented
and entrepreneurial professionals across 24 countries, Mindtree — a Larsen &
Toubro Group company — is consistently recognized among the best places to
work. For more, please visit www.mindtree.com or @Mindtree_Ltd.
Safe harbour
Certain statements in this release concerning 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 such forward-looking statements. The conditions caused by the COVID-19
pandemic could decrease customer's technology spending, affecting demand for
our services, delaying prospective customers' purchasing decisions, and
impacting 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 negatively affected by a range of
external factors related to the COVID-19 pandemic that are not within our
control. We do not undertake to update any forward-looking statement that may
be made from time to time by us or on our behalf.
For more information, contact: media@mindtree.com.
Mindtree Limited
Global Village, RVCE Post
Mysore Road
Bangalore-560059;
CIN: L72200KA1999PLC025564
Phone: + 91 80 6706 4000
Fax: +91 80 6706 4100
E-mail: info@mindtree.com
investors@mindtree.com
Website: www.mindtree.com
Logo: https://mma.prnewswire.com/media/1004066/Mindtree_Logo.jpg
Source: Mindtree
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