Despite attrition woes, Mindtree’s net profit jumps 8.2 per cent in June quarter

BENGALURU: Mindtree has been one of the best performing mid-cap IT service firms during the pandemic quarters and it met the street expectations handsomely for the June quarter too with net profit rising by 8.2% sequentially and 61.2% Y-o-Y to Rs 343 crore. The revenues recorded an 8.6% jump for Q1 at Rs 2,291.7 crore, up by 61.2% YoY, thanks to the company’s highest-ever order book at $504 million.

This despite the attrition rate climbing to a 12-month high at 13.7%, signalling a continuing concern of employee exits from leading IT service firms. Mindtree’s headcount stood at 27,256 employees. The Bengaluru-headquartered tech firm had also hiked the wages of its employees which resulted in the contraction of the EBITDA margin by 50 basis points at 17.4% for the June quarter.