Mindtree surges 12%, hits new high on strong September quarter earnings

The brokerage firm ICICI Securities is of the opinion that all positives seem to be largely priced in at the CMP for Mindtree and hence the stock may see limited upside from here on

Shares of Mindtree surged 12 per cent to Rs 4,883.4, also its record high on the BSE in Thursday's intra-day trade after reporting strong earnings for the July-September quarter (Q2FY22), with 12.8 per cent sequential growth in dollar revenue. Earnings before interest, tax, depreciation and amortisation (EBITDA) margin also improved 20 basis points (bps) quarter-on-quarter (QoQ) to 20.5 per cent.

In rupee terms, the consolidated revenue was up 12.9 per cent QoQ at Rs 2,586 crore, while net profit rose 16.2 per cent QoQ to Rs 399 crore.

The stock of the information technology (IT) consulting & software company surpassed