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Mindtree share price rises over 2% ahead of Q3 earnings

Mindtree stock has risen 3.72% in last three days

twitter-logoBusinessToday.In | January 14, 2020 | Updated 11:18 IST
Mindtree share price rises over 2% ahead of Q3 earnings
Share price of Mindtree gained up to 2.38% to Rs 859.7 compared to the previous close of Rs 839.75 on BSE

Mindtree share price rose in early trade as the firm is set to announce its earnings for Q3 later in the day. Share price of Mindtree gained up to 2.38% to Rs 859.7 compared to the previous close of Rs 839.75 on BSE. Mindtree stock has risen 3.72% in last three days . Market cap of Mindtree stood at Rs 14,131 crore on BSE.

The stock has gained just 0.64% in last one year. Mindtree shares have surged 13 per cent in December quarter compared to 6 per cent rise in Nifty and 0.72 per cent gain in the Nifty IT index.

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Mindtree, which is now controlled by engineering and construction major Larsen & Toubro, had reported 35 per cent year-on-year decline in its net profit at Rs 135 crore for the second quarter ended September 30. On a quarterly basis, its profit jumped 45.63 per cent as against Rs 92.70 crore in June quarter.

Nirmal Bang Securities sees 3.1 per cent QoQ constant currency (CC) revenue growth and nearly 15 bps cross-currency tailwind which will result in 3.3 per cent growth in US dollar terms. The brokerage sees revenue in US dollar terms at $279.8 million, up 3.3 per cent QoQ and 11.3 per cent YoY. Net sale (revenue) in rupee terms is likely to rise 4.1 per cent QoQ to Rs 1,992.4 crore.

On YoY basis, the numbers are expected to grow 11.5 per cent. Reported PAT (profit after tax) or net profit is likely to come in at Rs 163.3 crore, down 14.6 per cent YoY but rise 21 per cent QoQ.

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