Mindtree : Transcript of Analysts/Institutional Investor Meet/Con. Call

	Registered Office Address: Mindtree Limited
	Global Village, RVCE Post, Mysore Road,
	Bengaluru - 560059, Karnataka, India.
	Corporate identity Number (CIN): L72200KA1999PLC025564
	E‐mail : [e-mail]
Ref: MT/STAT/CS/2022-23/106	October 17, 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: Transcript of Earnings conference call for the second quarter and half year ended September 30, 2022

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed transcript of the Earnings conference call for the second quarter and half year ended September 30, 2022 conducted after the meeting of Board of Directors held on October 13, 2022.

The above information is also available on the website of Company: www.mindtree.com/about/investors

This is for your kind information and records.

Thanking you,

Yours sincerely,

for Mindtree Limited

SUBHODH RAVINDRANAT

1. SHETTY
   Subhodh Shetty

Digitally signed by

SUBHODH RAVINDRANATH SHETTY Date: 2022.10.17 17:55:18 +05'30'

Company Secretary

ACS-13722

_____________________________________________________________________________________

Mindtree Limited
Global Village	T + 91 80 6706 4000
RVCE Post, Mysore Road	F [phone]
Bengaluru - 560059	W www.mindtree.com

Mindtree Limited

(NSE: MINDTREE, BSE: 532819)

Transcript of Earnings Conference Call

Second quarter ended September 30, 2022

October 13, 2022

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Vinay Kalingara	Ladies and gentlemen, good day and welcome to the Mindtree Quarter 2, FY23 earnings
	conference call. Please note that this conference call is being recorded.
	Today on the call, we have with us: Mr. Debashis Chatterjee, Chief Executive Officer and
	Managing Director; Mr. Venu Lambu, Executive Director and President, Global Markets; and
	Mr. Vinit Teredesai, Chief Financial Officer.
	We will begin with a brief overview of the company's Q2FY23 performance; after which we will
	open the floor for Q&A.
	During the call, we could make forward-looking statements. These statements are considering
	the environment we see as of today and carry risks and uncertainties that could cause our
	actual results to differ materially from those expressed in today's call. We do not undertake to
	update any forward-looking statements made on this call.
	I now pass it on to DC for his opening remarks.
Debashis Chatterjee	Thank you, Vinay. Good evening and good morning to everyone on the call.
	We are pleased to report yet another quarter of robust performance to round off the first half of
	the year on a solid note.
	For the quarter, our revenues were USD 422.1 million, up 7.2% sequentially in constant
	currency. We have now delivered 7 consecutive quarters of more than 5% growth in constant
	currency. In line with our goal of profitable growth, we delivered a healthy EBITDA margin of
	21% despite having completed our full wage hike cycle during the quarter, as planned. This
	was our eighth consecutive quarter of more than 20% EBITDA margin. Our order book,
	comprising a healthy mix of annuity and transformational deals, stood at USD 518 million, up
	44% year-over-year. I am particularly pleased to report that our H1 signings crossed USD 1
	billion for the first time in our history.
	Our industry-leading performance underscores the strength of our strategy and the breadth of
	our capabilities in addressing the full spectrum of our clients' digital transformation goals
	ranging from efficiency to innovation. For enterprises across sectors, regardless of where they
	are in their business transformation journeys, technology-led interventions to improve customer
	experiences, boost revenues, and optimize costs continue to be integral to growth and
	competitiveness.
	Digital transformation is about much more than technology today. It is increasingly about the
	differentiated experiences and outcomes that technology can enable across the value chain.
	A key part of this is helping organizations evolve their mindsets, cultures, and operations in
	step with their digital ambitions so that they can swiftly adapt to rapid shifts in markets,
	technologies, and customer expectations. This continuous transformation agenda is largely
	independent of market cycles and continues to create long-term opportunities for us.
	For example, we are helping a leading European financial institution accelerate digital
	transformation spanning data, process, and technology over the next 4 years. As a multiyear
	strategic partner, we are helping a global vacation experiences company differentiate itself in

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the leisure travel marketplace by building an integrated CRM platform that its marketing, sales, and services organizations can leverage globally. Through our consulting-led approach, we are supporting the metaverse journey of a leading pharmaceutical and biotech multinational as an innovation partner of choice. We have helped one of the largest healthcare services groups in Asia optimize its blockchain-based pharmaceutical supply chain traceability solution with capabilities around electronic product information, cold chain monitoring, and API standardization. We have also enabled the system to integrate with manufacturers, distributors, clinics, and patients across Asia to provide real-time supply chain visibility, which helps combat issues like counterfeit and sub-standard products.

We continue to strengthen our position as a partner of choice with clients looking at digital transformation as an enabler of not just healthier revenue streams, but also increased efficiencies, profitability, and business optimization.

For example, we have been selected by a European security products company as its primary IT partner for a multiyear managed services deal, where we will deliver global cloud and digital workplace transformation services to drive digitalization and standardization across the company. A leading digital marketing and loyalty management company has selected us for a multiyear deal to provide application support, testing, and infrastructure management services across its customer-facing and enterprise applications suite for improving business agility, responsiveness, and outcomes. A global asset manager has chosen us as the preferred partner for a multiyear application maintenance and support program to help it drive business transformation and optimization by leveraging our extensive experience of working with the world's top asset management organizations. A leading hyperscaler has chosen us for a multiyear engagement to provide cloud infrastructure and cybersecurity services globally. As part of an expanded relationship, we are helping a regional care delivery organization in the U.S. build tele-health capabilities and enhance its patient portal.

With that, let me now turn to our Industry Groups.

Our Banking, Financial Services and Insurance business grew 10.2% sequentially and 33.3% year-over-year. During the quarter, we saw balanced growth across existing accounts, recent tier-1 wins, and new logos. Our consulting-led, agile engagement methods as well as our expanding partner ecosystem continue to deliver strong results.

Our Travel, Transportation and Hospitality business grew 8.8% sequentially and 41.9% year- over-year. Our diversification strategy continues to contribute to the growth of this business, as clients increasingly rethink their business models and transform their organizations to deliver differentiated services and experiences.

Our Communications, Media and Technology business grew 4.3% sequentially and 23.3% year-over-year. With our extensive experience in product engineering, we are supporting clients across the entire product lifecycle encompassing design, development, quality engineering, and support.

Our Retail, CPG and Manufacturing business was down 0.8% sequentially and 11.5% year- over-year. On a constant currency basis, the practice grew 2.9% sequentially. While we see

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	continued demand for solutions to reimagine and enhance customer intimacy, there is now
	more focus on digitalization of core operations, connected supply chains, and data
	transformation.
	Our Health business continued its strong growth trajectory with a 34.9% sequential and 195.1%
	year-on-year growth. Our youngest Industry Group has now crossed USD 10 million quarterly
	run-rate, and expanded its client base to more than 20 leading payers, providers, and medical
	device companies. By building industry-specific solutions and applying best practices from
	other industries in the face of growing consumerization across this sector, we are helping
	clients improve health outcomes and experiences, while reducing the cost of care.
	Among our service lines, Customer Success contributed 40.7%, Data & Intelligence
	contributed 16.1%, Cloud contributed 20.3%, and Enterprise IT contributed 22.9% of our
	revenue for the quarter. In terms of geographies, North America contributed 78.1%, Continental
	Europe, UK & Ireland contributed 13.4%, and APAC & Middle East contributed 8.5% of our
	revenue during the quarter.
	Our talented employees continue to power our consistent growth by responding to client needs
	with extraordinary passion and commitment. We are encouraged by the results of our ongoing
	efforts to sharpen our employee focus and engagement.
	We were recently named among India's Top 100 Best Workplaces for Women for 2022 by
	Great Place to Work® Institute. This was the second consecutive year that we received this
	prestigious recognition for fostering gender equality in the workplace. Our diversity & inclusion
	initiatives also earned us 'Women in Sustainability' award at the ESG World Summit and GRIT
	Awards 2022 in Singapore.
	During the quarter, we onboarded more than 3,100 professionals to close the quarter with a
	global headcount of more than 38,200. While we continue to be consistent in our pace of
	campus as well as lateral hiring, we are now looking at our hiring plans from the perspective of
	the increased capacity and economy of scale resulting from the merger of Mindtree and LTI.
	We expect hiring to continue at a steady rate, while accounting for talent synergies between
	the two merging companies. As anticipated, attrition is showing early signs of stabilizing. For
	the quarter, our LTM attrition was 24.1%. We believe there is room for it to trend down further.
	All Mindtree offices are now operational and well over a third of our employees are now working
	from the office in a staggered manner. We are pleased with the enthusiastic response to our
	return-to-office program. Our strategy and approach continue to be fully aligned with client
	needs.
	I will now turn over the call to Vinit for Q2 financial highlights.
Vinit Teredesai	Thank you, DC. Good evening, and good morning to everyone on the call.
	This was another strong quarter for Mindtree marked by robust revenue growth and resilient
	margins.
	Our sequential revenue growth was 7.2% in constant currency. This was our seventh
	consecutive quarter of 5%-plus revenue growth in constant currency terms. Our sequential

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