Mindtree on Tuesday reported first-quarter profit more than doubled to ₹213 crore, from ₹92.7 crore in the year-earlier period, when the company had spent about $7 million on a bonus payout to its employees. Revenue at the technology services company owned by Larsen & Toubro rose 4.1% in the April-June quarter to ₹1,908.8 crore.
“We closed the quarter with a healthy order book of $391 million despite the global headwinds due to Covid-19 pandemic,” Chief Executive Officer and Managing Director Debashis Chatterjee said in a statement. “Our unwavering focus on operational efficiencies has helped us to post a healthy EBITDA [margin] of 18.2%. With our client-first approach, future-ready talent coupled with increase in digital demand, we are confident to strengthen our position in the market and drive profitable growth in these unprecedented times,” he added.
“We will hire, but carefully. We have honoured all offers and we will stick to our bench policy and we are not planning any lay-offs. As part of our cost optimisation plan, we have significantly reduced subcontracting,” Mr. Chatterjee said.
“From the near-term perspective, we continue to see uncertainty in the travel sector” the CEO said, adding “we expect our revenue in Q2 to be better”.