Financial Insights

Mindtree’s shares fall after Q3 results

January 14th was a bad day for Mindtree as its shares fell 5% in the first 3 hours. The share witnessed a gap-down opening after it announced its Q3 results the day before.

Midcap IT company Mindtree reported a healthy growth in earnings. The profit for Q3 grew by 9.7% and its consolidated profits increased 34% to be Rs 437.5 crores, surpassing its estimates of Rs 413 crores. Revenue increased by 6.3%, grew YoY 35.9% to reach Rs 2,750 crores. Its total contract value (TCV) crossed $1.2 billion. The company expects to continue its growth momentum on the back of increasing demand.

“Our sequential revenue growth of 5.2% in constant currency reflects the strength of our strategy, execution, partnerships, and continued investments in our business and people. Our order book for the quarter was $358 million, up 14.6% year-over-year, and our year-to-date deal TCV crossed $1.2 billion,’’ said Mr. Debashis Chatterjee, CEO and MD of Mindtree.

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