On July 13, IT firm Mindtree has announced its Q1 results for the financial year 2021-22. The company has reported a 61% year-on-year rise in its Q1 net profit at Rs. 343.3 crore as compared to Rs. 213 crore in the same quarter last year. The net profit was up 8% on a sequential basis.
Announcing Q1 results for FY22, Debashis Chatterjee, Chief Executive Officer, and Managing Director, Mindtree said, “We are pleased to report a strong start to FY22 with broad-based first-quarter growth across all service lines and industry segments. We are confident of doing an industry-leading growth momentum. In fact, this will be the third consecutive quarter where we have seen 5% sequential growth,”
“Our highest ever order book of $504 million affirms that the focused execution of our strategy and our client-centricity in re-imagining business models for the digital era is helping us drive profitable and sustainable growth. We are proud of the passion and perseverance with which Mindtree Minds have continued to deliver value to our clients and exceed their expectations despite difficult conditions,” he further added.
Mindtree has added 3,442 people during the first quarter of financial year 2021-22. The company has also reported attrition of 13.7% for Q1FY22, higher than the 12.1% in the previous quarter Q4FY21.
Speaking to the media Debashis Chatterjee said, the company is seeing its growth accelerate and it is ramping up its hiring to cater to the growing demand.
He also said that the company would be giving salary hikes to some percentage of its employee base.
On rising employee attrition Chatterjee said, “The supply side situation we have managed very well. We have also increased our fresher intake,”
Commenting on Return to workplace, Chatterjee said, “Pandemic isn’t over, we are already talking about a potential third wave. We are vaccinating our Mindtree minds very aggressively and that is within our control and we are trying to do that.”
However, he added that the company is ready to open the offices as and when it is required and taking in clients’ views on the same.
“Whatever readiness required from operational side to get employees back to office we have done all that. But we will only do that when we feel it is safe for our employees to get back to office and commute so on and so forth,” said Chatterjee.
