Mindtree published its Q2FY23 results wherein the company posted results that beat all D-Street estimates...


IT services provider, subsidiary of L&T, Mindtree published its Q2FY23 results wherein the company posted results that beat all D-Street estimates. 

The company posted revenues of Rs 3,400.4 crores for the quarter that ended in September 2022, up 31.5% from Rs 2,586.2 crores reported during the corresponding quarter last year. Its business from North America grew 29.4% while its business from the UK and Continental Europe declined 27% and 6.6% respectively. 

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The company's consolidated net profit for the quarter came in at Rs 508.7 crores, up 27.5% YoY from Rs 399 crores reported last year. Sequentially, profit grew 7.9%. EBIT margin improved to 19.1% as its deal wins for the quarter came in at $518 million, surpassing $1 billion for H1FY23. 

“Our robust performance in the second quarter of FY23 marked a solid first half of the year. We not only delivered strong revenues of $422.1 million, up 7.2 percent sequentially in constant currency, but also maintained our EBITDA margin at a healthy 21 percent despite wage hikes across the board, making it our seventh consecutive quarter of more than 5 percent revenue growth in constant currency, and eighth consecutive quarter of more than 20 percent EBITDA margin,” Debashis Chatterjee, CEO & MD of Mindtree said.

The shares of Mindtree currently trade around Rs 3,424.15 per share, up 3%. LT Infotech and Mindtree are all set to merge and the same is expected to be completed by December this year.

Article by Aman Agarwal.

This news piece is brought to you in association with Jobaaj.com

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