Mindtree : Newspaper Advertisements

Registered Office Address:

Mindtree Ltd, Global Village, RVCE Post,

Mysore Road, Bengaluru-560059,

Karnataka, India. CIN:

L72200KA1999PLC025564

E-mail: [e-mail]

____________________________________________________________________________________

Ref: MT/STAT/CS/2022-23/105	October 14, 2022
To	To
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers,	Exchange Plaza, Bandra Kurla Complex,
Dalal Street, Mumbai 400 001	Bandra East, Mumbai 400 051
BSE : fax : [phone]/ 61	NSE : fax: [phone] / 38
Phone:[phone]	Phone: [phone] / 36
email:[e-mail]	email :[e-mail]
	Stock Code/Symbol: 532819/MINDTREE
Dear Sirs,

Sub: Submission of Financial results published in the Newspapers

This is to inform that the Company has published in the newspapers the Audited Financial Results for the second quarter and half year ended September 30, 2022 as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, which was approved at the Board Meeting held on October 13, 2022. Please find enclosed copies of the Financial results published in Business Standard and Kannada Prabha on October 14, 2022.

This is for your kind information and records.

Thanking you,

Yours sincerely,

for Mindtree Limited

Subhodh Shetty

Company Secretary

ACS-13722

Encl: as above.

_____________________________________________________________________________________

Mindtree Ltd Global Village,

RVCE Post, Mysore Road Bengaluru - 560059 T [phone] F [phone]

W: www.mindtree.com

	14	MUMBAI | FRIDAY, 14 OCTOBER 2022	1
	>

AUDITED CONSOLIDATED BALANCE SHEET

Rs in million

		Segment assets and liabilities
		Segregation of assets, liabilities, depreciation and other non-cash expenses into various
		business segments has not been carried out as the assets are used interchangeably
		between segments. Accordingly, no disclosure relating to segment assets and liabilities
		has been made.
AUDITED SEGMENT REVENUE AND RESULTS							Rs in million
Particulars		Quarter ended		Six months ended	Year ended
September 30, 2022	June 30, 2022	September 30, 2021	September 30, 2022	September 30, 2021	March 31, 2022
Segment revenue
Retail, CPG and Manufacturing	6,341	6,195		6,566	12,536	11,625	24,859
Banking, Financial Services and Insurance	6,590	5,804		4,536	12,394	8,698	18,764
Communications, Media and Technology	14,790	13,759		10,995	28,549	21,415	45,818
Travel, Transportation and Hospitality	5,399	4,815		3,489	10,214	6,542	14,524
Healthcare	884	638		276	1,522	499	1,288
Total	34,004	31,211		25,862	65,215	48,779	105,253
Segment results
Retail, CPG and Manufacturing	740	828		1,140	1,568	1,690	3,785
Banking, Financial Services and Insurance	1,213	1,045		921	2,258	1,823	3,638
Communications, Media and Technology	3,900	3,680		2,454	7,580	5,004	11,276
Travel, Transportation and Hospitality	1,226	982		766	2,208	1,348	3,122
Healthcare	78	46		26	124	87	135
Total	7,157	6,581		5,307	13,738	9,952	21,956
Unallocable
Expenses	841	599		610	1,390	1,192	2,420
Finance costs	135	122		125	257	254	502
Other income	486	395		748	831	1,466	3,073
Profit before tax	6,667	6,255		5,320	12,922	9,972	22,107

Particulars	As at
September 30, 2022		March 31, 2022
ASSETS
Non-current assets
Property, plant and equipment	4,721		4,223
Capital work-in-progress	17		215
Right-of-use assets	5,090		4,724
Goodwill	4,732		4,732
Other intangible assets	57		73
Financial assets
Investments	2,513		3,116
Other financial assets	877		2,464
Deferred tax assets (net)	1,654		-
Other non-current assets	1,201		1,286
	20,862		20,833
Current assets
Inventory	37		41
Financial assets
Investments	22,135		22,391
Trade receivables	18,058		17,313
Cash and cash equivalents	13,603		10,513
Other financial assets	5,494		5,827
Other current assets	4,463		4,655
	63,790		60,740
TOTAL ASSETS	84,652		81,573
EQUITY AND LIABILITIES
Equity
Equity share capital	1,649		1,648
Other equity	55,036		53,091
	56,685		54,739
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities	5,170		4,661
Other financial liabilities	1,239		4
Deferred tax liabilities (net)	-		161
	6,409		4,826
Current liabilities
Financial liabilities
Lease liabilities	964		896
Trade payables
Total outstanding dues of micro
enterprises and small enterprises	87		95
Total outstanding dues of creditors
other than micro enterprises and small
enterprises	5,584		5,262
Other financial liabilities	6,421		6,885
Other current liabilities	3,648		4,318
Provisions	2,851		2,442
Current tax liabilities (net)	2,003		2,110
	21,558		22,008
	27,967		26,834
TOTAL EQUITY AND LIABILITIES	84,652		81,573

Reconciliation of liabilities from financing activities for the six months ended September 30, 2022			Rs in million
Particulars	As at	Proceeds/ impact	Repayment	Fair value changes	As at
April 1, 2022	of Ind AS 116	September 30, 2022
Lease liabilities	5,557	862	(426)	141	6,134
Total liabilities from financing activities	5,557	862	(426)	141	6,134
Reconciliation of liabilities from financing activities for the six months ended September 30, 2021			Rs in million
Particulars	As at	Proceeds/ impact	Repayment	Fair value changes	As at
April 1, 2021	of Ind AS 116	September 30, 2021
Lease liabilities	5,377	589	(462)	30	5,534
Total liabilities from financing activities	5,377	589	(462)	30	5,534

Notes to audited consolidated financial results for the quarter and six months ended September 30, 2022

1. The information presented above is extracted from the audited consolidated interim financial statements for the quarter and six months ended September 30, 2022, audited consolidated interim financial statements for the quarter ended June 30, 2022 and audited consolidated financial statements for the year ended March 31, 2022. The consolidated interim financial statements for the quarter and six months ended September 30, 2022 has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 - 'Interim Financial Reporting' (Ind AS 34). The above results were reviewed by the Audit Committee and thereafter has been adopted by the Board at its meeting held on October 13, 2022.
2. The statement of consolidated financial results has been audited by the Company's auditors. The Company's auditors have issued an unmodified audit opinion on the consolidated financial results. The audit report has been filed with the stock exchanges and is also available on the Company's website.
3. Estimation uncertainty relating to COVID-19 outbreak:
   The Group has considered internal and certain external sources of information including credit reports, economic forecasts and industry reports, up to the date of approval of the consolidated financial results in determining the impact on various elements of its consolidated financial results. The Group has used the principles of prudence in applying judgments, estimates and assumptions including sensitivity analysis and based on the current estimates, the Group has accrued its liabilities and also expects to fully recover the carrying amount of inventory, trade receivables, unbilled receivables, goodwill, intangible assets, investments and derivatives. The eventual outcome of impact of the global health pandemic may be different from that estimated as on the date of approval of these consolidated financial results.
4. The Board of Directors had recommended a final dividend of 270% (Rs 27 per equity share of par value Rs 10 each) for the financial year ended March 31, 2022 which was approved by the shareholders at the Annual General Meeting held on July 13, 2022. The aforesaid dividend was paid during the period.

5. Audited financial results of Mindtree Limited (Standalone Information)	Rs in million

Particulars		Quarter ended		Six months ended	Year ended
September 30, 2022	June 30, 2022	September 30, 2021	September 30, 2022	September 30, 2021	March 31, 2022
Revenue from operations	34,004	31,211	25,862	65,215	48,779	105,253
Profit before tax	6,668	6,255	5,319	12,923	9,972	22,106
Profit after tax	5,088	4,716	3,988	9,804	7,423	16,528

Note: The audited results of Mindtree Limited for the above mentioned periods are available in the investors section in www.mindtree.com and also with the stock exchanges where it is listed. The information above has been extracted from the audited standalone financial results as stated.

1. EPS for the interim periods are not annualized.
2. The Code on Social Security, 2020 (the Code) has been enacted, which would impact the contributions by the Group towards Provident Fund and Gratuity. The effective date from which the changes are applicable is yet to be notified. The Ministry of Labour and Employment (the Ministry) has released draft rules for the Code on November 13, 2020. The Group will complete its evaluation and will give appropriate impact in its consolidated financial results in the period in which the Code becomes effective and the related rules are published.
3. The Board of Directors of the Company at its meeting held on May 6, 2022, approved the Scheme of Amalgamation and Arrangement ('Scheme') under the Companies Act, 2013, for merger of the Company (Amalgamating Company) with Larsen & Toubro Infotech Limited ('Amalgamated Company' / 'LTI') with appointed date of April 1, 2022. The proposed merger, inter-alia, aims to create an efficient and scaled-up IT services provider. Upon the Scheme becoming effective, the shareholders of the Company will be issued shares of LTI in the ratio of 73 equity shares of LTI for every 100 equity shares of the Company. The name of the combined entity is proposed to be 'LTIMindtree Limited', leveraging the advantages of both the brands and creating value for all the stakeholders. A steering committee has been set up to oversee the merger and integration related activities.
   As on the date of adoption of these consolidated financial results by the Board, the Company has received approval from the Stock Exchanges, shareholders and unsecured creditors. Hearing before NCLT Bengaluru bench was held on October 12, 2022 and Order has been reserved. Amalgamated Company has received approval from NCLT Mumbai bench vide its Order dated September 19, 2022. The proposed Scheme does not have any impact on the consolidated financial results of the Company for the quarter and six months ended September 30, 2022.

Mumbai, India

October 13, 2022

AUDITED CONSOLIDATED STATEMENT OF CASH FLOWS				Rs in million
		Six months ended
Particulars		September 30, 2022	September 30, 2021
Cash flow from operating activities
Profit for the period		9,803		7,423
Adjustments for :
Income tax expense		3,119		2,549
Depreciation and amortization expenses		1,250		1,192
Share based payments to employees		198		146
Allowance for expected credit losses (net)		74		21
Finance costs		257		254
Interest income on financial assets at amortised cost		(292)	(174)
Interest income on financial assets at fair value through profit or loss		(8)	(17)
Net gain on disposal of property, plant and equipment		(13)	(4)
Net gain on financial assets designated at fair value through profit or loss	(260)	(489)
Unrealised exchange difference on lease liabilities		141		30
Unrealised exchange difference on fair value hedges		80		(48)
Effect of exchange differences on translation of foreign currency cash
and cash equivalents		(846)	(39)
		13,503		10,844
Changes in operating assets and liabilities
Trade receivables		(819)	(3,662)
Inventories		4		3
Other assets		(1,046)	(1,315)
Trade payables		314		1,258
Other liabilities		(1,179)	(430)
Provisions		409		304
Net cash provided by operating activities before taxes		11,186		7,002
Income taxes paid, net of refunds		(3,247)	(2,432)
Net cash provided by operating activities
	7,939		4,570
Cash flow from investing activities
Purchase of property, plant and equipment and intangible assets		(1,166)	(806)
Proceeds from sale of property, plant and equipment		14		5
Payment towards transfer of business		(819)	(990)
Interest income on financial assets at amortised cost		235		97
Interest income on financial assets at fair value through profit or loss		8		17
Purchase of investments		(19,910)	(15,773)
Proceeds from sale of investments		21,073		12,444
Net cash (used in) investing activities		(565)	(5,006)
Cash flow from financing activities
Issue of share capital (net of issue expenses paid)		6		1
Payment of lease liabilities		(426)	(462)
Finance costs (including interest towards lease liabilities)		(257)	(254)
Dividends paid		(4,453)	(2,884)
Net cash (used in) financing activities		(5,130)	(3,599)
Effect of exchange differences on translation of foreign currency cash
and cash equivalents		846		39
Net increase/ (decrease) in cash and cash equivalents		3,090		(3,996)
Cash and cash equivalents at the beginning of the period		10,513		7,597
Cash and cash equivalents at the end of the period		13,603		3,601
Cash and cash equivalents				Rs in million
Particulars	As at September 30, 2022	As at September 30, 2021
Balances with banks in current accounts and deposit accounts		13,530		3,577
Other bank balances		73		24
Cash and cash equivalents as per balance sheet		13,603		3,601
Book overdrafts used for cash management purposes		-		-
Cash and cash equivalents as per statement of cash flows		13,603		3,601

For and on behalf of the Board of Mindtree Limited

Debashis Chatterjee

CEO & Managing Director

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