The shares of Mindtree Ltd., was trading at Rs.2702.15, up by 8.31%, hitting a 52 week high of Rs.2728 in today’s trading session.
The stock price has increased by 176.31% in last one year, while the benchmark index S&P BSE Sensex has increased by 46.82%.
The stock soared after the information technology (IT) consulting and services firm reported strong results for the quarter ended June 2021. (Q1FY22).
Mindtree reported a net profit of Rs 343.4 crore for the quarter ended June 30, 2021, a 61.2% increase year on year, and an 8.2% increase sequentially. The company’s revenue increased by 20.1% to Rs 2,291.7 crore for the quarter, thanks to broad-based growth across verticals and geographies. The company’s revenue increased 8.6% sequentially.
Mindtree’s revenue increased 7.7% sequentially in dollar terms, while profit increased 7.5%.
Debashis Chatterjee, who is the Chief Executive Officer and Managing Director said “We are pleased to report a strong start to FY22, with first-quarter growth across all service lines and industry segments.” We are confident in our ability to maintain an industry-leading growth momentum. In fact, this will be Mindtree’s third consecutive quarter of 5% sequential growth”.
He further added that “Our highest-ever order book of $504 million affirms that our focused strategy execution and client-centricity in reimagining business models for the digital era are assisting us in driving profitable and sustainable growth. We are proud of the passion and perseverance with which Mindtree Minds has continued to deliver value to our clients and exceed their expectations in the face of adversity”.
During the quarter, the company added a net of 3442 associates. Mindtree also reported 13.7% attrition for the quarter, up from 12.1% in the previous quarter. The company also stated that a portion of its workforce would receive pay raises. “The supply side situation we have managed very well,” Chatterjee said on rising attrition. We’ve also increased our intake of fresher.
Incorporated in 1999, Mindtree is an international IT consulting and implementation firm that provides business solutions through global software development. Analytics and information management, application development and maintenance, business process management, business technology consulting, cloud, digital business, independent testing, infrastructure management services, mobility, product engineering, and SAP services are among the services provided by the company. With effect from July 2, 2019, the company became a subsidiary of Larsen & Toubro Limited (L&T).
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