Earnings Before Interest and Taxation (EBIT) margin increased to 17.3%, up 357 basis points quarter on quarter, its highest in nearly six years.
By ET Bureau | Updated:
BCCL
This was partially because of a reduction in travel costs and higher utilisation rates, the company said. Mindtree reported new deal wins of $301 million during the quarter ended September 30.
Pune: Mindtree’s net profit for the fiscal second quarter rose 88% to ₹253.7 crore, while revenue was up marginally at ₹1,926 crore, the firm said on Thursday.
In dollar terms, revenue was down 3.7% to $261 million, while profit gained 79.2% to $33.4 million. The company declared an interim dividend of ₹7.50.
Earnings Before Interest and Taxation (EBIT) margin increased to 17.3%, up 357 basis points quarter on quarter, its highest in nearly six years.
This was partially because of a reduction in travel costs and higher utilisation rates, the company said. Mindtree reported new deal wins of $301 million during the quarter ended September 30. “Our approach of Redefining Possibilities in the new normal for businesses enabled us to deliver a balanced H1 performance. This has helped to reinforce confidence on our strategy to build on existing strengths and drive profitable growth by being the business transformation partner for our clients, developing future ready talent and delivering value to all our stakeholders,” said Debashis Chatterjee, CEO & MD of Mindtree.
“In contrast with previous quarters, Mindtree’s earnings reflects more broad-based growth with verticals other than CMT clocking healthy growth, and share of Microsoft reducing slightly, albeit this remains work in progress. Profitability continues to surge, and this was the 5th successive quarter of EBIT margin improvement,” said Harit Shah, senior research analyst at KRChoksey Shares & Securities.
