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.

Market capitalization	Current market price	6 Months Downside	5 Years Upside
Rs. 56,749 crore	Rs. 3,445	12.95%	623%

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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