Stock Market update: MindTree Ltd shares down by 5% post Q3 results

Shares of IT services company MindTree fall by 5% at Rs 4,507.05 per share against the previous close at Rs. 4744 per share on Friday in early trade.

The shares of IT services company MindTree fell by 5% post Q3 results, today in early trade. The share price went down to Rs. 4,507.05 per equity share and down by over 239 points at 11:26 AM IST. Today, the trade opened at a share price of Rs. 4630.00 and representing a decrease of 2.41% against the previous close and hit a high of Rs. 4675 per share. However, the shares fell rapidly.

On 13 January, MindTree announce its financial results report of the quarter ending December 2021. Mindtree today reported a consolidated net profit of Rs 437.5 crore, up 9.7 percent quarter-on-quarter and 34 percent year-on-year, while revenue stood at Rs 2,750 crore after a 6.3 percent growth QoQ, in its consolidated earnings report for the quarter ended December 31, 2021.

The net revenue of MindTree FY2021 stood at Rs. 8119.50 crore as compared to Rs. 7839.90 crore in the previous year. Therefore, representing a growth rate of 3.57%. The Net Profit after Tax FY2021 was estimated to be around Rs. 1110.50 crore as compared to Rs. 630.90 and representing a YoY growth of 76.02%.

MindTree’s Earnings before Interest and Tax (EBIT) for the quarter ending in September 2021 was Rs. 544.50 crore. Whereas, in the same period of the previous year it was Rs.357.90 crore.

MindTree Limited headquartered in Bengaluru is an Indian multinational information technology services and consulting company. As of March 2021, the company had 23,814 number of employees. And, the current market capitalization of MindTree is 74,279.41 crore.

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