Mindtree Q1 net profit at Rs 89 cr; stock up 4%

MUMBAI: Softwar company Mindtree’s net profit for the quarter ended June 2012 rose to Rs 89 crore compared to a net profit of Rs 68.9 crore quarter-on-quarter.

The bottom-line was ahead of market expectations on the back of forex gains of Rs 8.6 crore against loss of Rs 4 crore qoq, say analysts. Revenues for June 2012 quarter were in line with expectations at Rs 563 crore against Rs 525.7 crore qoq.

In dollar terms, net profit was at $ 16.7 million vs $ 13.76 million qoq while the revenues stood at $105.5 million against $ 105.4 million.

The stock was at Rs 685.90, up 4.22 percent on the BSE. It touched a high of Rs 694.15 and a low of Rs 665.10 in early trade.