Mindtree surges 9%, hits new high on healthy June quarter results

Strong Q1, healthy deal pipeline and employee addition indicate robust growth for Mindtree in FY22E, ICICI Direct said in a note

Shares of Mindtree surged 9 per cent to hit a new high of Rs 2,721 on the BSE in intra-day trade on Wednesday after the information technology (IT) consulting and services company reported a healthy set of numbers for the quarter ended June 2021 (Q1FY22).

Mindtree reported a net profit of Rs 343.4 crore for Q1FY22, an increase of 61.2 per cent year-on-year (YoY). Sequentially, profits grew 8.2 per cent. Broad-based growth across verticals and geographies saw the company’s revenue rise by 20.1 per cent YoY at Rs 2,291.7 crore for the quarter. Quarter-on-quarter (QoQ), the company’s revenue was up 8.6