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    Mindtree Q2 Results: Profit jumps 28% YoY to Rs 509 cr; beats St estimates

    Synopsis

    Both the topline and bottomline were above ET Now poll of estimates of Rs 3,320 crore and Rs. 476 crore, respectively.

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    Mindtree on Thursday reported a 31.5 per cent on year rise in consolidated revenue for the September quarter to Rs 3,400 crore. The net profit increased 27.5 per cent to Rs 509 crore.

    Both the topline and bottomline were above ET Now poll of estimates of Rs 3,320 crore and Rs. 476 crore, respectively.

    In constant currency terms, the revenue in the quarter rose 7.2 per cent sequentially.

    TCV deal wins for the quarter grew by a sharp 44 per cent on year to $518 million. With this, Mindtree has crossed $1 billion in deal wins in April-September period.

    The earnings before interest and tax (EBIT) margin expanded 90 basis points on year to 19.1%. Sequentially, it has marginally dipped by 10 bps.

    For Mindtree, revenue from North America grew 29.4 per cent on year in the quarter, while that from Continental Europe dipped by 6.6 per cent. The decline in revenue was steeper in the UK and Ireland region at 27 per cent.

    In terms of industries, BFSI continued to lead growth for the company. This vertical saw an over 33 per cent on year growth. Communications and hospitality verticals also registered strong double digit growth, but retail and manufacturing saw a double-digit fall.

    In the reported quarter, the L&T group company added eight new clients, though this was lower than the 13 additions in Q1. The utilisation rate marginally dipped sequentially to 80.7 per cent for the company. Mindtree also managed to bring down attrition during the quarter. The attrition rate was down to 24.1 per cent in Q2 from 24.5 per cent in Q1.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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