Mindtree, global technology services, and digital transformation company announced its consolidated results on Monday for the fourth quarter ended March 31, 2022
Mindtree also saw a rise in attrition like its peers TCS, Infosys in the fourth quarter. The company has reported attrition at 23.8 per cent in Q4FY22, up from 12.1 per cent in Q4FY21, and 21.9 per cent in Q3FY22.
- TCS Attrition in Q4FY22- 17.4%
- Infosys Attrition in Q4FY22- 27.7%
“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,” said Debashis Chatterjee, Chief Executive Officer, and Managing Director, Mindtree.
Commenting on Attrition Debashis Chatterjee said, “Attrition has gone up, but we have seen a little bit of stabilization within this quarter. Over the next 2-3 quarters, we see attrition stabilizing, but we are taking all measures to ensure that the growth momentum does not slow down in terms of business and delivery to our clients,”
“The company’s net addition in FY22 was over 11,200, more than six times the headcount addition in the preceding year. It closed the year with a total headcount of over 35,071.” He added.
Mindtree reported a 49 per cent year-on-year (YoY) jump in net profit in the fourth quarter of the financial year 2021-22 (Q4FY22). Net profit rose to Rs 473 crore in Q4, which represented an 8 per cent rise sequentially.
Responding on the news of Mindtree and L&T Infotech merger, the management has declined to comment. Debashis Chatterjee, CEO and MD of the firm, said, “We do not comment on market speculation.”
