 "MindTree gains as Q2 beats forecast")
MindTree is trading higher by 2% at Rs 1,433 on the BSE in an otherwise subdued market after the company reported 14.5% quarter-on-quarter (QoQ) growth in its consolidated net profit at Rs 158 crore for the quarter ended September 2015 (Q2). The mid-sized IT firm posted a profit of Rs 138 crore in the same quarter year ago.
Revenue grew 19.1% at Rs 1,169 crore on QoQ basis.
Analysts on an average had expected net profit of Rs 154 crore on revenues of Rs 1,123 crore.
The company said it is confident of beating Nasscom’s industry growth guidance of 12-14% despite a traditionally slow third quarter.
Analyst at Religare recommends ‘Hold’ rating on the stock with a target price of Rs 1,300.
“The company won deals worth TCV of US$ 193 million during the quarter, mostly renewal in nature and new signings growth was flattish year-on-year. While we like MTCL’s growth profile, we remain cautious on the stock as street expectations are high and valuations at 17.4x FY17E are expensive,” broking firm said in a client note.
The stock hit a high of Rs 1,475 so far and has seen combined 581,779 shares changing hands on the counter on the BSE and NSE till 09:49 am.
Revenue grew 19.1% at Rs 1,169 crore on QoQ basis.
Analysts on an average had expected net profit of Rs 154 crore on revenues of Rs 1,123 crore.
The company said it is confident of beating Nasscom’s industry growth guidance of 12-14% despite a traditionally slow third quarter.
Analyst at Religare recommends ‘Hold’ rating on the stock with a target price of Rs 1,300.
“The company won deals worth TCV of US$ 193 million during the quarter, mostly renewal in nature and new signings growth was flattish year-on-year. While we like MTCL’s growth profile, we remain cautious on the stock as street expectations are high and valuations at 17.4x FY17E are expensive,” broking firm said in a client note.
The stock hit a high of Rs 1,475 so far and has seen combined 581,779 shares changing hands on the counter on the BSE and NSE till 09:49 am.