Mindtree witnesses sequential revenue growth of 5.2% in constant currency, announces Q4 and Yearly performance in FY22

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Mindtree, a global technology services and digital transformation company, on Monday, announced its consolidated results for the fourth quarter ended March 31, 2022, as approved by its Board of directors.

“Our industry-leading growth through a year of rapid business and technology shifts demonstrates the relevance of our value proposition in reimagining businesses and driving digital transformation at scale. Our sequential revenue growth of 5.2% in constant currency made this our fifth consecutive quarter of 5%-plus growth in constant currency. Our full year revenue growth of 31.1% validates our strategy to capitalize on rising demand by diversifying our services portfolio, mining customers, and broadening industry partnerships.”

Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree

Debashis added, “We are proud to have delivered EBITDA margin of 20.9% and PAT margin of 15.7%, our highest in a decade. Our commitment to creating value for shareholders is reaffirmed by an EPS of ₹100.2, our highest-ever adjusted for bonuses, and a full year dividend of ₹37 per share, the highest in our history. The passion of our teams and the trust of our customers will help our endeavor to deliver profitable industry-leading growth in the coming year as well.”

According to a premium bank’s research report, Mindtree’s growth was driven by technology, media & services (up 5.2% QoQ), BFSI (up 8.9% QoQ) and travel & hospitality (up 9.3% QoQ) while retail reported decline of 2.6% QoQ due to ramp down in retail client. In terms of geographies, revenues growth was led by the US and RoW, which was up 5.6% QoQ and 8.5% QoQ. Among client profile, revenue growth was led by top customer as well as Top 2-5 customers, which grew 4.7% and 7.7% QoQ, respectively. The company registered EBIT margin of 18.9% , down 30 bps QoQ due to 6.3% QoQ increase in employee expenses. The deal pipeline is up 8.9% QoQ (up 4.0% YoY) to US$390 million. The company added 3,112 employees in the quarter, taking its base to 35,071 in FY22 while utilisation improved by 160 bps QoQ to 83.1%. LTM attrition increased 190 bps to 23.8% now.’

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