Mindtree Ltd. reported a 27.5% year-on-year growth in its net profit to ₹508.7 crore for the September- ended quarter.

Revenue grew 31.4% to ₹3400.4 crore, it said on Thursday.

“Our performance in the second quarter of FY23 marked a solid first half of the year,” Debashis Chatterjee, CEO and MD, said.

“We not only delivered strong revenues of $422.1 million, up 7.2% sequentially in constant currency but also maintained our EBITDA margin at a healthy 21% despite wage hikes across the board.’‘ He said, in Q2, the company’s H1 earnings crossed $1 billion for the first time in its history.

On market outlook, he said macro-economic indicators signalled softness in the market while his company was ready to offset any business impact.

Mr. Chatterjee further said attrition was showing signs of a decline. Mindtree reported attrition at 24.1% (trailing 12 months) in Q2. As of September 30, the firm had an employee strength of 38,290.

He also said this was the last earning call of the company as Mindtree as its name would soon be changed to LTIMindtree once its merger with L&T Infotech (LTI) got regulatory approvals.

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By Dipak

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