Jobaaj Stories
L&T subsidiary Mindtree published its FY23 Q1 results wherein it reported a 37% surge in profits. However, investors acted against its robust growth as the share slid 4% in a day.
The company's profits grew from Rs 343.40 crores last year to Rs 471.60 crores this year, growing 37.3% YoY, but flat sequentially. Revenues reported strong growth of 36.2% YoY as the figure for this quarter came in at Rs 3,121.10 crores. Revenues registered a growth of 7.7% QoQ.
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EBIT margin stood at 19% during the quarter while EBITDA margin was 21.1%. The cash and investments were at an all-time high of $500 million. Moreover, the company had its highest ever order book in the June quarter: $570 million. The company currently has 274 active clients.
“We are excited to report a strong start to FY23 with robust revenue growth, solid margin, and a record order book, demonstrating our continued industry-leading growth momentum. With revenues of $399.3 million, up 5.5 percent sequentially in constant currency on the back of healthy demand for our digital capabilities, this was our sixth consecutive quarter of more than 5 percent revenue growth in constant currency.” said CEO & MD Debashis Chatterjee.
The company's attrition rate for the quarter came in at 24.5%. Business growth was robust across different geographies as the North American business grew 28.9%, European 17.8% & the UK and Ireland 14% YoY.
The company's merger with L&T Infotech is reported to be on track and is awaiting regulatory approvals. Dalal Street was not happy with the stock as it fell 3.9% yesterday. It witnessed a full gap up opening today, only to fall consistently throughout the day to close at Rs 2,786.50 per share. It trades around Rs 2,805 per share currently.
Article by Aman Agarwal.
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