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Mindtree share price gains over 3% as net profit doubles in Q1

Share price of Mindtree rose up to 3.37% to Rs 1,010 against previous close of Rs 977.95 on BSE

twitter-logoBusinessToday.In | July 15, 2020 | Updated 17:07 IST
Mindtree share price gains over 3% as net profit doubles in Q1
Mindtree share has gained 28.48% in one year and risen 22% since the beginning of this year. However, the share closed 0.22% lower at Rs 975.75 on BSE

Mindtree share price gained over 3% intra day today after the IT firm said consolidated net profit more than doubled to Rs 213 crore in the June quarter from the year-ago period,  Share price of Mindtree rose up to 3.37% to Rs 1,010 against previous close of Rs 977.95 on BSE.

Mindtree stock stands higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

Mindtree share has gained 28.48% in one year and risen 22% since the beginning of this year.  However, the share closed 0.22% lower at Rs 975.75 on BSE.

Total 1.20 lakh shares changed hands amounting to turnover of Rs 11.88 crore. The share hit 52 week high of Rs 1,061 on February 25, 2020 and 52 week low of Rs 652.50 on July 22, 2019.

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The IT firm said it was seeing recovery that would help it log better performance in the second quarter of the ongoing fiscal than the first quarter.

Net profit in Q1 rose 129.8 per cent against Rs 92.7 crore profit in Q1 of last fiscal. The firm logged a 4.1 per cent rise in revenue to Rs 1,908.8 crore in Q1 from Rs 1,834.2 crore in the year-ago period.

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"If you look at what happened in Q1 last year, there was a one-off hit due to the special bonuses that were paid off... that is why you probably see the spike this quarter...the travel, transport and hospitality (TTH) vertical was one which got most affected as soon as the pandemic hit, there was a significant drop in that practice," Mindtree CEO and Managing Director Debashis Chatterjee said.

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By Aseem Thapliyal

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