Mindtree Shares Erase Intraday Gains After March Quarter Earnings

Shares of IT company Mindtree on Tuesday climbed as much as 3 per cent to hit an intraday high of Rs 4,080 and erased gains as traders booked profits after it reported March quarter earninggs post market hours on Monday. Mindtree's profit jumped 49.1 per cent to Rs 473 crore.

Mindtree on Monday said it has registered a 49.1 per cent jump in consolidated net profit at Rs 473.1 crore in the fourth quarter of FY22 compared to the year-ago period.

The company had recorded a net profit of Rs 317.3 crore in the same period of the previous fiscal.

Mindtree's consolidated revenue from operations grew by 37.4 per cent to Rs 2,897.4 crore during January-March 2022 from Rs 2,109.3 crore in the corresponding quarter of 2020-21.

For the financial year 2021-22, consolidated net profit of Mindtree grew by 48.8 per cent to Rs 1,652.9 crore from Rs 1,110.5 crore at the end of financial year 2020-21.

The consolidated revenue of Mindtree rose to 10,525.3 crore at the end of 2021-22 from Rs 7,967.8 crore a year ago.