Mindtree Rallies Over 9%, Hits Record High After June Quarter Earnings


Mindtree Rallies Over 9%, Hits Record High After June Quarter Earnings

Mindtree shares rose as much as 9.22 per cent to hit record high of Rs 2,725.

Shares of the mid-cap information technology firm – Mindtree – rose as much as 9.22 per cent to hit record high of Rs 2,725 on the BSE a day after it reported its June quarter earnings. Mindtree’s net profit in the first quarter of the current financial year advanced 61 per cent annually to Rs 343 crore and on a sequential basis the company’s net profit recorded growth of 8.22 per cent.

Mindtree’s revenue from operations advanced 8.65 per cent sequentially to Rs 2,291.7 crore in dollar terms revenue from operations came in at $310.5 million.

Mindtree had 260 active clients and 27,256 employees as of June 30, the company said in a press release.

“We are pleased to report a strong start to FY22 with broad-based first-quarter growth across all service lines and industry segments,” said Debashis Chatterjee, chief executive officer and managing director, Mindtree, said in a statement.

“During the quarter one of the world’s leading investment managers selected Mindtree as a strategic partner for a multi-year managed services engagement to drive innovation and differentiated experiences by modernizing and transforming its IT infrastructure and application portfolio, while enabling multiple strategic business and technology change initiatives,” Mindtree said.

“A global travel management company chose Mindtree for a multi-year, end-to-end, large-scale AWS cloud migration and cloud operations program to drive its new business and product strategy,” Mindtree added.

Mindtree is a global technology consulting and services company, helping enterprises marry scale with agility to achieve competitive advantage.

As of 10:07 am, Mindtree shares traded 7.6 per cent higher at Rs 2,684, outperforming the Sensex which was down 0.2 per cent.

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