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Here Is Why Mindtree Shares Dropped 6% After Earnings Announcement

Mindtree on Thursday posted a 34 per cent jump in consolidated net profit to Rs 437.5 crore for the December 2021 quarter.

Here Is Why Mindtree Shares Dropped 6% After Earnings Announcement
Here Is Why Mindtree Shares Dropped 6% After Earnings Announcement
outlookindia.com
2022-01-14T11:41:33+05:30

Shares of midcap information technology (IT) firm Mindtree on Friday dropped as much as much as 5.61 per cent even after the company posted a 34 per cent jump in consolidated net profit for the December 2021 quarter.

Mindtree on Thursday posted a 34 per cent jump in consolidated net profit to Rs 437.5 crore for the December 2021 quarter, and exuded confidence in continuing its growth momentum on the back of robust demand and aggressive customer mining.

The Bengaluru-based company had posted a net profit of Rs 326.5 crore in the corresponding period last year.

Its revenue grew about 36 per cent to Rs 2,750 crore in the quarter under review from Rs 2,023.7 crore in the year-ago period.

In dollar terms, net profit rose 32.1 per cent to $58.3 million, while revenue increased 33.7 per cent to $366.4 million in the said quarter over the year-ago period.

"Our endeavour has been to have the industry-leading profitable growth and we are still sticking to that. If you look at the momentum that we have generated over the last five quarters, we believe that given the demand scenario, that momentum should continue," Mindtree CEO and Managing Director Debashis Chatterjee said.

He added that while the company is keeping a watch on the pandemic situation, there should not be too much of an impact.

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