– Revenue up 5.2% sequentially at constant currencies; EBITDA margins at 21.5%; YTD TCV crosses $1.2 billion
BANGALORE, India and WARREN, NJ, January 13, 2022 /PRNewswire/ — Mindtree, a global technology services and digital transformation company, today announced its consolidated results 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 in the third quarter of FY22 driven by robust demand, aggressive customer extraction and end-to-end digital transformation capabilities,” noted Debashis Chatterjee, Chairman and Chief Executive Officer and Managing Director of Mindtree. “Our sequential revenue growth of 5.2% in constant currency reflects the strength of our strategy, execution, partnerships and continued investment in our business and people. Our order backlog for the quarter was $358 million, up 14.6% year-over-year, and our TCV year-to-date deal 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 exceeded the PAT of the previous financial year. The passion of our future-ready talent and the trust of our customers positions us well as we continue to drive industry-leading profitable growth in the years to come.”
Key Financial Highlights:
Quarter ended December 31, 2021
- In USD:
- The turnover was $366.4 million (growth of 4.7% q/q / 33.7% y/y)
- The net profit was $58.3 million (growth of 8.0% q/q / 32.1% y/y)
- In RNI:
- Revenue was ₹27,500 million (6.3% qoq / 35.9% yoy growth)
- Net profit was ₹4,375 million (9.7% qoq / 34.0% yoy growth)
- 265 active customers in December 31, 2021
- More than 5 million customers increased by 2, total 52
- More than 10 million customers increased by 3, total 33
- 31,959 Mindtree minds at December 31, 2021
- Last 12 months attrition was 21.9%
- Some key transactions won in the third quarter:
- A leading global hyperscaler has signed an annuity contract with Mindtree. Under the agreement, Mindtree will support product/platform operations and security services in all geographies.
- An international vacation company chose Mindtree as a strategic transformation partner to strengthen its competitive differentiation in the leisure travel market. As part of this multi-year commitment, Mindtree will enable the company to improve the customer experience globally through marketing, sales and service for all of its brands in the virtual and real world.
- A leading global automaker chose Mindtree to build a digital factory, leveraging the IoT capabilities of Mindtree NxT.
- One of the largest home improvement retailers in the United States has awarded an annuity contract to Mindtree for agile application development and maintenance services.
- A leading credit bureau has chosen Mindtree as a strategic partner to build a new specialized financing platform. Under this program, several companies acquired with alternative credit data will be integrated into this platform, providing a robust 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 chose Mindtree as their preferred provider of product engineering and cloud professional services to enable it to scale faster.
- Named a Major Candidate in the 2022 PEAK Matrix® Assessment of Everest Group’s Mainframe Services.
- Named a Major Candidate in Everest Group’s Advanced Analytics and Insights (AA&I) 2022 PEAK Matrix® Assessment.
- Named a Major Competitor in Everest Group’s 2022 PEAK Matrix® Assessment of Internet of Things (IoT) Services Supply Chain Solutions.
- Named a Leading Competitor in Everest Group’s Platform IT Banking PEAK Matrix® 2022 Assessment.
- Obtained Al and Machine Learning specialization on Microsoft Azure Advanced.
- Won Silver in the Most Innovative Company of the Year category at the 2021 Best in Biz Awards at North America.
Mindtree [NSE: MINDTREE] is a global technology consulting and services company that enables businesses across all industries to achieve superior competitive advantage, customer experiences and business results by leveraging digital and cloud technologies. The digital transformation partner of more than 260 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 31,900 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.
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].
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