Multibagger IT Stock Rallies 4% In Trade, After Q2 Revenue Gains 31%

Multibagger IT Stock Mindtree Ltd. rallied around 4% in trade today, as it published strong earnings yesterday. Its net profit in Q2 FY23 stood at Rs. 508.7 crore, up by 27.5% YoY, from Rs. 398.9 crore in Q2 FY22. Additionally, Mindtree reported that its revenue from operations stood at Rs. 3,400.4 crore in Q2 FY23, gained 31.5% from Rs. 2,586.2 crore in Q2 FY22. On a month-on-month basis, profit increased by 7.9%, and revenue gained by 8.9%.

Today, on Oct. 14, the share price of Mindtree stood at Rs. 3,445 a piece, up by 3.65% intra day, at the time of writing.

Mindtree - stock performance

In the last 5 days, the share of Mindtree gained by 6.83%. However, in the past 6 months it has fallen by 12.95%. In the last 1 year its share price has fallen by 26.56% a piece, in line with the industry trend. However, in the last 5 years its share price surged by 623.21%. It is a large-cap stock with a market capitalization of Rs. 56,749 crore.

The 52-week high level of this stock is Rs. 5,060, and the 52-week low level of this stock is Rs. 2,649.20.

Commenting on the result Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree stated,"Our robust performance in the second quarter of FY23 marked a solid first half of the year." Chatterjee added later, "We not only delivered strong revenues of $422.1 million, up 7.2 percent sequentially in constant currency, but also maintained our EBITDA margin at a healthy 21 percent despite wage hikes across the board, making it our seventh consecutive quarter of more than 5 percent revenue growth in constant currency, and eighth consecutive quarter of more than 20 percent EBITDA margin."

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