Mindtree scales 52-week high after strong Q1 results

Mindtree surged 3.57% to Rs 947 at 9:54 IST on BSE after consolidated net profit surged 71.6% to Rs 135.40 crore on 5.8% growth in revenue to Rs 647.70 crore in Q1 June 2013 over Q4 March 2013.

The Q1 result was announced after market hours on Thursday, 18 July 2013.

Meanwhile, the S&P BSE Sensex was up 91.69 points or 0.46% at 20,220.10.

On BSE, 13,654 shares were traded in the counter as against average daily volume of 6,203 shares in the past one quarter.

The stock hit a high of Rs 966.20 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 936.30 so far during the day. The stock had hit a 52-week low of Rs 611 on 26 July 2012.

The stock had outperformed the market over the past one month till 18 July 2013, surging 12.53% compared with the Sensex's 4.71% rise. The scrip had, however, underperformed the market in the past one quarter, rising 5.41% as against Sensex's 5.85% rise.

The mid-cap IT company has equity capital of Rs 41.70 crore. Face value per share is Rs 10.

In dollar terms, Mindtree's consolidated net profit jumped 69% to Rs $24.6 million on 4.1% growth in revenue to $117.7 million in Q1 June 2013 over Q4 March 2013.

Mindtree added 1,057 employees in Q1 June 2013 on a gross basis. The company's active customers as of 30 June 2013 stood at 222.

Commenting on the first quarter results, Mindtree's CEO & MD, Krishnakumar Natarajan said: "We have delivered 15 consecutive quarters of revenue growth. This quarter's performance continues that trend and has been encouraging both from a revenue and profitability perspective. We hope to continue this momentum. We have made some key changes to our strategy and structure to enhance our expertise led positioning and to build an agile organization. We are confident that these steps are in the right direction to achieve our aspirations to deliver industry leading growth".

Mindtree is a global IT and product engineering services company, with deep knowledge in specific domains.

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