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.

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.