Mind Tree shares tank 6% post q3 results

Shares of Mind Tree tanked 6 per cent to day's low of Rs 4477.25 per share in Friday's intraday trade on the BSE  after the Bengaluru-based IT company announced its results for October-December quarter on Thursday.  

The IT firm on Thursday reported a 9.6% QoQ rise in the consolidated profit at Rs 437.50 crore for the quarter ended December 31, 2021. It posted a profit of Rs 399 crore in the previous quarter ended September 30, 2021.  

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Its revenue from operation grew 6.3% to Rs 2,750 crore in the period under consideration compared to Rs 2,586 crore posted in September 2021 quarter.  

Its revenue in dollar terms grew 4.6% to $36.6 crore compared to Rs 35 crore posted in the last quarter. EBIT grew by 12.8% to Rs 529 crore compared to Rs 469 crore. The margin improved to 19.2% in Q3FY22 from 18.1% posted in Q2FY22.  

The company's sequential revenue growth of 5.2 per cent in constant currency. The attrition level grew to 21.9% in the quarter ended December 2021 against 17.7% posted in September 2021 quarter.  

The company’s year-to-date deal TCV (total contract value) crossed USD 1.2 billion. 

“We are pleased to have continued our positive revenue momentum through the third quarter of FY22 on the back of robust demand, aggressive customer mining, and end-to-end digital transformation capabilities,” said Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree after q3 results were announced.  

At 10.05 am, shares of Mindtree were trading lower by 5.10% or Rs 241.75 to Rs 4502.05 apiece on the BSE. The shares of Mind Tree has appreciated by 158% in the last one year as on January 14, showed technical data of the stock. 

Belonging to IT consulting and software space, Mindtree is a global technology services and digital transformation company. 

A Larsen & Toubro Group company, Mindtree boasts of having 31,900 entrepreneurial professionals across 24 countries.