Mindtree shares tumble over 4 pc after earnings announcement

Shares of IT firm Mindtree on Friday tumbled over 4 percent even after the company posted a 34 percent jump in consolidated net profit for the December 2021 quarter.

The stock plunged 5.61 percent to Rs 4,477.25 amid profit-taking during the day on BSE. It settled at Rs 4,545, a decline of 4.19 percent.

On NSE, it dipped 4.17 percent to close at Rs 4,546 after tumbling 5.62 percent to Rs 4,477.35 during the day.

Mindtree on Thursday posted a 34 percent jump in consolidated net profit to Rs 437.5 crore for the December 2021 quarter and exuded confidence in continuing its growth momentum on the back of robust demand and aggressive customer mining.

The Bengaluru-based company had posted a net profit of Rs 326.5 crore in the corresponding period last year.

Its revenue grew about 36 percent to Rs 2,750 crore in the quarter under review from Rs 2,023.7 crore in the year-ago period.

In dollar terms, net profit rose 32.1 percent to USD 58.3 million, while revenue increased 33.7 percent to USD 366.4 million in the said quarter over the year-ago period.