The net profit of Mindtree rallied 3.64 per cent to Rs 3,444.50 after the L&T Group net profit hit a high at 7.9 per cent to Rs 508.7 crore on an 8.9 per cent rise in revenue to Rs 3,400.4 crore in the second quarter of FY23 over the first quarter of FY23.

Compared with the second quarter of last year, the consolidated net profit increased by 27.5 per cent and revenue increased by 31.5 per cent.

Profit before tax (PBT) rose by 6.59 per cent on a quarterly basis and jumped 25.32 per cent yearly to Rs 666.7 crore in the second quarter of FY23. EBITDA improved to Rs 715.7 crore in the second quarter of FY23. EBITDA margin stood at 21 per cent in the second quarter of FY23 compared with 21.1 per cent in the first quarter of FY23 and 20.5 per cent in the second quarter of FY22.

Employee benefits expense grew by 10.46 per cent quarter on quarter and 30.87 per cent year on year to Rs 2,047.4 crore in the second quarter of FY23.

On 30 September 2022, the total headcount was 38,290. The trailing 12-month attrition rate at the end of the quarter stood at 24.1 per cent compared with 24.5 per cent in the first quarter of FY23 and 17.7 per cent in the second quarter of FY22.

In terms of the dollar, Mindtree registered a growth of 4.6 per cent net profit to $63.1 million on a 5.7 per cent rise in revenue to $422.1 million in the second quarter of FY23 over the first quarter of FY23.

Debashis Chatterjee, chief executive officer and managing director of Mindtree, said, “Our robust performance in the second quarter of FY23 marked a solid first half of the year. 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, making it our seventh consecutive quarter of more than 5% revenue growth in constant currency, and eighth consecutive quarter of more than 20% EBITDA margin.”