The management said with an order book of $ 518 million for the September quarter, signings for the first half this fiscal crossed $ 1 billion for the first time.
At 9:30 am, the stock was quoting at Rs 3,409.45 on the National Stock Exchange, almost 2.5 percent up.
Share price of Mindtree gained over two percent a day after the midcap IT firm reported 27 percent year on year growth in consolidated net profit for the September quarter.
At 9:30 am, the stock was quoting at Rs 3,409.45 on the National Stock Exchange, almost 2.5 percent up. This year so far, it has tumbled 29.5 percent on the back of a weak outlook for IT companies in the face of a recession.
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Revenue from operations rose 31.5 percent. The management said with an order book of $ 518 million for the September quarter, signings for the first half this fiscal crossed $ 1 billion for the first time. The firm reported eighth consecutive quarter of more than 20 percent core profit margin.
Global brokerage firm Morgan Stanley has an equal weight rating on the stock and has raised target to Rs 3,400 from Rs 3,150: “The company delivered strong beat on results, robust deal wins, and solid margin execution. We raise revenue estimates by 2.1-3.8 percent and margin forecast by 41-69 basis points.”
Nomura has a neutral call and has raised target to Rs 3,180 per share: “The company is bucking the trend with margin stability. We expect margin of 19.2 percent in FY23.”
However, JPMorgan has an underweight call on the stock with a target of Rs 3,000. The firm has a cautious outlook as merger with L&T Infotech remains a key thing to watch for: “We see concerns from a potential slowdown that has already impacted deal decision making.”
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