scorecardresearch

This stock rose 44% in 3 months, hit 52-week high today

The stock has gained 159 per cent in the last 12 months and risen 39 per cent since the beginning of this year

Representative Image Representative Image

Share of Mindtree rose 6 per cent to hit a fresh 52-week high of Rs 2,342.60 in intraday trade today on BSE.

The company reported a net profit of Rs 317 crore for the quarter ended March 2021 compared to Rs 326 crore in the year-ago period.

Revenue from operations grew 4.2 per cent to Rs 2,109.3 crore in the March-ended quarter against Rs 2,023 crore in the December quarter. Dollar revenue stood at $288.2 million, up 5.2 percent from the previous quarter.

The share ended 4.53 per cent higher at Rs 2,308.15 against the previous close of Rs 2,208.15. The stock has gained 159 per cent in the last 12 months and risen 39 per cent since the beginning of this year.

Mindtree share stands higher than 100 day, 200 day moving averages, and lower than 5 day, 10 day, 20 day, 50 day moving averages. Market cap of the firm rose to Rs 38,022.01 crore.

Morgan Stanley has a positive outlook on the back of top client and growth levers from new verticals. The brokerage house has an 'overweight' rating on the stock with a target at Rs 2,300 per share.

Macquarie noted that calibrated approach on geo expansion, vertical addition continues. The brokerage house is 'neutral' on the stock with a target at Rs 2,000 per share.

"We are proud to deliver another strong quarter, driven by significant traction in our client portfolio globally, leading to revenue growth of 5.2%, EBITDA of 21.9%, and an order book of $375 million at the end of Q4. Our journey of profitable growth and seamless delivery during the pandemic year has been made possible by the resilience of Mindtree Minds, the commitment of our leadership team, and above all, the continued support of our clients," said Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree.

"The final dividend of Rs 17.5 per share announced today reinforces Mindtree's commitment to enhance shareholder value. For the year, we delivered revenues of $1,076.5 M and a margin expansion of 680 bps, while increasing our order book by 12.3%," he noted.

"As we enter FY22, we are confident that continued client demand for our transformative services, a strong order book, and our strategic investments positions us well to deliver double-digit growth and sustain EBITDA above 20%," he added.