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Mindtree Registers Strong Performance in FY22 with a Solid Q4

IT-Services-growth
Sequential revenue growth of 5.2% in constant currency; Full year revenue up 31.1%; Decade-high full year EBITDA and PAT margins; Announces highest-ever full year dividend

Mindtree, a global technology services and digital transformation company, announced its consolidated results today for the fourth quarter ended March 31, 2022, as approved by its Board of directors. Registering a strong performance again for the year FY22, Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree said, “Our industry-leading growth through a year of rapid business and technology shifts demonstrates the relevance of our value proposition in reimagining businesses and driving digital transformation at scale. Our sequential revenue growth of 5.2% in constant currency made this our fifth consecutive quarter of 5%-plus growth in constant currency. Our full year revenue growth of 31.1% validates our strategy to capitalize on rising demand by diversifying our services portfolio, mining customers, and broadening industry partnerships. We are proud to have delivered EBITDA margin of 20.9% and PAT margin of 15.7%, our highest in a decade. Our commitment to creating value for shareholders is reaffirmed by an EPS of ₹100.2, our highest-ever adjusted for bonuses, and a full year dividend of ₹37 per share, the highest in our history. The passion of our teams and the trust of our customers will help our endeavor to deliver profitable industry-leading growth in the coming year as well.”

Key financial highlights:

Quarter ended March 31, 2022

  • In USD:
    • Revenue was $383.8 million (growth of 4.8% q-o-q / 33.2% y-o-y)
    • Net profit was $62.7 million (growth of 7.6% q-o-q / 44.8% y-o-y)
  • In INR:
    • Revenue was ₹28,974 million (growth of 5.4% q-o-q / 37.4 % y-o-y)
    • Net profit was ₹4,731 million (growth of 8.1% q-o-q / 49.1 % y-o-y)

Year ended March 31, 2022

  • In USD:
    • Revenue was $1,410.8 million (growth of 31.1%)
    • Net profit was $221.6 million (growth of 47.7%)
  • In INR:
    • Revenue was ₹105,253 million (growth of 32.1%)
    • Net profit was ₹16,529 million (growth of 48.8%)
Other Q4FY22 highlights:
  • Clients:
    • 276 active clients as of March 31, 2022
    • $5 million+ clients increased by 4, total 56
    • $20 million+ clients increased by 5, total 14
  • People:
    • 35,071 professionals as of March 31, 2022
    • Trailing 12 months attrition was 23.8%
  • Some key deals won in Q4 FY22:
    • A U.S.-based global leader in design software and services chose Mindtree as its strategic partner to provide product support to enhance customer experience and optimize costs.
    • A Dutch multinational company awarded Mindtree a managed support services contract for digital marketing, ecommerce, DataOps, and IoT services.
    • A leading U.S.-based managed healthcare and insurance company selected Mindtree as a preferred partner for digital transformation and modernization work.
    • A leading multinational cards and payments provider selected Mindtree to consult and create a roadmap for its journey to the public cloud for transforming its highly sophisticated operations portfolio and enabling it for the hybrid and multi-cloud environment. This engagement includes defining the target operating model, processes, tools, and skills.
    • A leading U.S. flagship airline signed a multiyear contract with Mindtree. As part of the contract, Mindtree will support core airline systems, including commercial, operations and enterprise IT, through business verification testing services.
  • Recognitions:
    • Named a Leader in Everest Group’s Duck Creek Services PEAK Matrix® Assessment 2022.
    • Included in the FTSE4Good Emerging Markets Index series.
    • Recognized as a global Supplier Engagement Leader by CDP, a global non-profit that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.
    • Recognized as the 2022 ServiceNow Americas Emerging Service Provider Partner of the Year.
    • Won the Platinum Vision Award for the company’s FY21 sustainability report at the League of American Communications Professionals’ Annual Report Competition for 2020-21.
    • Won the Silver Shield for Excellence in Integrated Reporting in the Service Sector category at the ICAI (Institute of Chartered Accountants of India) Sustainability Reporting Awards 2020-21.
  • Announcements:
    • The Board of Directors have recommended a final dividend of 270% (₹27 per equity share of par value ₹10 each) for the financial year ended March 31, 2022 which is subject to the approval of shareholders at the Annual General Meeting.

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