Mindtree Shares Surge Almost 6% on Robust Earnings

Published: 17th April 2014 02:52 PM  |   Last Updated: 17th April 2014 02:52 PM   |  A+A-


Shares of mid-tier IT firm Mindtree rose almost 6 per cent today after the company posted a 24.5 per cent increase in net profit in the last quarter of 2013-14 and said it would beat the industry growth rate forecast for this financial year.     

The Mindtree stock opened on a strong note and surged 5.38 per cent to Rs 1,455 on the BSE. On the National Stock Exchange, it gained 5.93 per cent to Rs 1,455.         

Bangalore-based Mindtree yesterday said profit in the January-March quarter rose to Rs 98.2 crore from Rs 78.9 crore a year earlier. Consolidated revenue grew 34.5 per cent to Rs 823.7 crore.           

"In Q4, we signed orders worth USD 133 million. In FY15, we see a stronger pipeline; we expect growth momentum of the quarter into Q1. It will be a good start to the year," Mindtree Chief Executive Officer and Managing Director K Natarajan said on a conference call.        

He added that Mindtree will beat IT-BPO industry body Nasscom's revenue growth guidance of 13-15 per cent for 2014-15.


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