MindTree Limited has rallied 6% to Rs 695 after reporting a better-than-expected 30.9% quarter-on-quarter (q-o-q) growth in net profit to Rs 89 crore for the quarter ended June 2012 led by a forex gain of Rs 8.6 crore. Revenues grew 7.1% to Rs 563 crore on q-o-q basis. Analysts on average had expected profit after tax of Rs 77 crore and revenues at Rs 570 crore during the period under review.
“The global demand environment continues to be challenging as customers are cautious in their IT spending. However, with our strategic initiatives, we expect to achieve NASSCOM’s current industry estimates for FY2013” said Krishnakumar Natarajan, CEO & Managing Director, MindTree.
The stock opened at Rs 676, and is currently trading at day’s high level. A combined around 190,000 shares have changed hands on the counter in opening deals on both the exchanges.