Stocks

Mindtree hits record high on strong Q4 profit

Reuters April 19 | Updated on April 19, 2018 Published on April 19, 2018

Mindtree's Q4 profit nearly doubled to Rs 182 crore ($27.66 million), helped by a rise in active clients and contract renewals.

Shares of Mindtree jumped nearly 4 per cent to hit a record high of Rs 899 on strong Q4 profit.

Mindtree has reported a strong profit growth for the year ended 2018 on the back of increased automation. For the year, the company’s net profit grew 36.2 per cent to Rs 570 crore. However, revenues went up 4.3 per cent to Rs 5,462.8 crore when compared to the previous fiscal, lower than Nasscom estimates.

The company’s Q4 profit nearly doubled to Rs 182 crore ($27.66 million), helped by a rise in active clients and contract renewals.

Management's expectation for improved revenue growth and brighter profitability outlook for FY19 is driven by improved “wallet share, increase in digital project size and marginal improvement in client budgets’’, says Emkay Global Financial analysts.

“We remain cautious on growth recovery in the sector, although INR depreciation could aid in the near term,’’ according to Citi analysts.

Up to Wednesday's close, the stock had risen 97 per cent in the past year.

Published on April 19, 2018

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