Mindtree shares zoom over 13% after company reports 3.9% rise in net profit for March 2020 quarter

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.

Press Trust of India April 27, 2020 17:33:11 IST
Mindtree shares zoom over 13% after company reports 3.9% rise in net profit for March 2020 quarter

New Delhi: Shares of IT firm Mindtree on Monday closed over 13 percent higher after the company reported a 3.9 percent rise in consolidated net profit for March 2020 quarter.

The scrip zoomed 12.90 percent to close at Rs 881.40 on the BSE. During the day, it jumped 14.51 percent to Rs 894.

On the NSE, it gained 13.41 percent to settle at Rs 885.

Mindtree shares zoom over 13 after company reports 39 rise in net profit for March 2020 quarter

File image of MindTree office. News18

After market hours on Friday, Mindtree reported a 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.

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.

"Looking ahead to fiscal 2021, we anticipate softness in demand due to the unprecedented COVID-19 pandemic, Mindtree CEO and MD 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.

Updated Date:

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