Mindtree tops losers

Mindtree, which was among the top five losers yesterday, had closed over 8% lower at Rs.1427. Today it is the top loser – going down 11.5% to Rs.1264.25. Its not too far from its 15% LC of the day at Rs.1213.45.

This midcap IT company posted a decent set of earnings for Q2FY21. On a flattish growth in rupee revenue at Rs.1926 crore v/s Rs.1909 crore (QoQ), consolidated net profit came in 19% higher at Rs.254 crore.

Consolidated dollar revenue was up 3% at $261 million.

EBITDA margin improved to 19.6% from 18.2% (QoQ).

During the quarter, it won deals worth $303 million. It  added eight new clients during the quarter, taking the total number of active clients to 283 as at 30th Sept ’20.

The company said it will offer salary increments to its employees effective 1 January, 2021 in line with industry standards and continue to hire based on business requirements.

It also declared an interim dividend of Rs.7.50/share (75%) on Rs.10 FV. The record date for payment of interim dividend will be October 27, 2020.