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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.
Infosys q2 results are live, shares gap up opening.
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.
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