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Mindtree share price gains 13% post Q4 earnings

Share price of Mindtree ended 12.90% or  Rs 100 higher at Rs 881.40 compared to the previous close of Rs 780.70 on BSE

twitter-logoBusinessToday.In | April 27, 2020 | Updated 16:42 IST
Mindtree share price gains 13% post Q4 earnings
The mid cap stock has risen 20.49% in last 3 sessions. It opened with a gain of 5.16% at Rs 780.70 on BSE

Mindtree share price closed higher today after the IT firm reporteda 3.9 per cent rise in consolidated net profit to Rs 206.2 crore for March 2020quarter.  Earnings of the firm were announcedafter market hours on Friday.Share price of Mindtreeended 12.90% or  Rs 100 higher at Rs881.40 compared to the previous close of Rs 780.70 on BSE.

The mid cap stock has risen 20.49% in last 3 sessions. Itopened with a gain of 5.16% at Rs 780.70 on BSE. Mindtree share rose up to 14.51% at Rs 894 on BSE. The stockstands higher than its 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Total 1.91 lakhshares changed hands amounting to turnover of Rs 16.40 crore on BSE.The stock hit its 52week high of Rs 1061 on February 25 ,2020 and 52 week low of Rs 652.50 on July22, 2019.

During its Q4 earningspresentation, the IT firm said it anticipates softness in demand ahead asclients defer spending due to COVID-19 pandemic.

The Bengaluru-based company had posted a net profit of Rs198.4 crore in the same period last year.

 Revenue rose 11.5 percent to Rs 2,050.5 crore in Q4 from Rs 1,839.4 crore in the year-ago period.

"Looking aheadto fiscal 2021, we anticipate softness in demand due to the unprecedentedCOVID-19 pandemic," Mindtree Chief Executive Officer and Managing DirectorDebashis Chatterjee said.

However, the companyis well equipped to handle the global crisis based on the business continuityplan we have successfully implemented to ensure the health and safety of ouremployees while fully supporting our clients worldwide, he added.

Mindtree's board ofdirectors has recommended a final dividend of Rs 10 per equity share for thefinancial year ended March 31, 2020, subject to the approval of shareholders atthe 21st annual general meeting.

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