Mindtree shares zoom 10% after Q4 earnings; IT major anticipates softness in demand ahead due to COVID-19 pandemic

Shares of IT firm Mindtree on Monday rallied 10 percent after the company reported 3.9 percent rise in consolidated net profit for March 2020 quarter

Press Trust of India April 27, 2020 11:33:33 IST
Mindtree shares zoom 10% after Q4 earnings; IT major anticipates softness in demand ahead due to COVID-19 pandemic

New Delhi: Shares of IT firm Mindtree on Monday rallied 10 percent after the company reported 3.9 percent rise in consolidated net profit for March 2020 quarter.

The scrip zoomed 9.99 percent to Rs 858.75 on the BSE.

On the NSE, it jumped 9.99 percent to Rs 858.35.

After market hours on Friday, Mindtree reported 3.9 percent rise in consolidated net profit to Rs 206.2 crore for March 2020 quarter, and said it anticipates softness in demand ahead as clients defer spending due to COVID-19 pandemic.

Mindtree shares zoom 10 after Q4 earnings IT major anticipates softness in demand ahead due to COVID19 pandemic

Representational Image. Image Courtesy: Facebook/mindtreeltd

The Bengaluru-based company had posted a net profit of Rs 198.4 crore in the same period last year.

Its revenue grew 11.5 percent to Rs 2,050.5 crore in the quarter under review from Rs 1,839.4 crore in the year-ago period.

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"Looking ahead to fiscal 2021, we anticipate softness in demand due to the unprecedented COVID-19 pandemic,” Mindtree Chief Executive Officer and Managing Director Debashis Chatterjee said.

However, the company is well equipped to handle the global crisis based on the business continuity plan we have successfully implemented to ensure the health and safety of our employees while fully supporting our clients worldwide, he added.

Mindtree's board of directors has recommended a final dividend of Rs 10 per equity share for the financial year ended 31 March, 2020, subject to the approval of shareholders at the 21st annual general meeting.

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