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Mindtree share price jumps 9% post Q4 earnings; Macquarie cuts target

The board recommended a final dividend of 100 percent (Rs 10 per equity share of face value of Rs. 10/- each) for the financial year ended March 31, 2020.

April 27, 2020 / 01:57 PM IST

Mindtree share price jumped over 9 percent in early trade on April 27 after the company posted its March quarter earnings.

The company has posted a 4.6 percent jump in its Q4 net profit at Rs 206 crore against Rs 197 crore in the quarter ended December 2019.

Revenue of the company rose 4.3 percent at Rs 2,050.5 crore versus Rs 1,965.3 crore, QoQ.

“Our relentless focus and client-first approach have resulted in robust Q4 performance on multiple dimensions – revenue growth of 1.9 percent in constant currency, expansion of operating margin by 150 basis points and record deal wins of $393 million,” said Debashis Chatterjee, Chief Executive Officer and Managing Director.

The company’s dollar revenue rose 1.2 percent at $278.4 million.

Close

The board recommended a final dividend of 100 percent (Rs 10 per equity share of face value of Rs 10/- each) for the financial year ended March 31, 2020.

The final dividend is subject to the approval of shareholders at the twenty-first annual general meeting.

Macquarie

The broking house has maintained underperform and cut target to Rs 670 from Rs 734.

The Q4 is weaker than our expectations despite no impact of COVID on revenues, while high exposure to travel & hospitality will hurt the company significantly in H1 FY21.

It has lowered its FY21-22 EPS estimates by 9-22 percent.

 

At 09:21 hrs, Mindtree was quoting at Rs 847.60, up Rs 66.90, or 8.57 percent on the BSE.
Moneycontrol News
first published: Apr 27, 2020 09:35 am
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