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Mindtree shares hit record high after strong Q1 result

Mindtree, on July 13, posted a 61.2 percent jump in its consolidated net profit at Rs 343.4 crore for the June quarter.

July 14, 2021 / 05:21 PM IST
Mindtree on July 13 posted a 61.2 percent jump in its consolidated net profit (File image)

Mindtree on July 13 posted a 61.2 percent jump in its consolidated net profit (File image)

Shares of IT major Mindtree surged as much as 9.3 percent on July 14, as investors reacted overwhelmingly to the strong Q1 results posted by the company.

The stock of the mid-tier IT company hit an all-time high of Rs 2,728 in the intra-day session on the BSE, after opening at Rs 2,619 apiece. It eventually settled at Rs 2702.15, up 8.3 percent.

At the National Stock Exchange (NSE), shares hit a high of Rs 2,728.90 before settling down at Rs 2,696.80, up 8 percent against its previous close.

Mindtree, on July 13, posted a 61.2 percent jump in its consolidated net profit at Rs 343.4 crore for the June quarter.

Also Read | Mindtree Q1 profit rises 8% QoQ to Rs 343 crore, order book exceeds $500 million

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The Bengaluru-based company, which has registered a net profit of Rs 213 crore for the June 2020 quarter, said it was witnessing broad-based growth across industries and services and that its deal pipeline continues to remain strong.

Mindtree's revenue grew by 20.1 per cent to Rs 2,291.7 crore in the quarter under review, from Rs 1,908.8 crore in the year-ago period.

"Our strong start to FY22 underscores the resilience of our business model, and the continued commitment of Mindtree minds. For the quarter, our revenues were up 7.7 per cent sequentially and our order book at over half a billion dollars (USD 504 million) is the highest-ever in our history," Mindtree CEO and Managing Director Debashis Chatterjee told reporters in a virtual briefing.

"This is our fourth consecutive quarter of profitable growth momentum despite unprecedented time," Chatterjee added.

He added that the company has seen broad-based growth across service lines, industry segments and geographies, indicating that the disciplined execution of its strategy and investment in strengthening capabilities and partnerships are producing desired results.

In dollar terms, Mindtree's net profit rose by 64.7 percent to USD 46.5 million, while revenue grew by 22.6 percent to USD 310.5 million in the June quarter over the year-ago period. At the end of the June quarter, the company's active client base stood at 260.

Chatterjee said the company is very confident of clocking an industry-leading double-digit growth for the full fiscal.

With PTI inputs
Moneycontrol News
first published: Jul 14, 2021 05:21 pm

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