Mindtree shares trim initial gains, close almost 2% higher

MUMBAI: Trimming its initial gains, shares of mid-tier IT firm Mindtree today settled almost 2 per cent higher on profit booking after saying net profit increased 24.5 per cent in the last quarter of 2013-14.

Mindtree shares gained 1.63 per cent to Rs 1,403.10 at the close on the BSE after surging as much as 5.38 per cent to Rs 1,455.

On the National Stock Exchange, the stock ended at Rs 1,398.95, up 1.86 per cent.

Bangalore-based Mindtree yesterday said profit in the January-March quarter rose to Rs 98.2 crore from Rs 78.9 crore a year earlier. Consolidated revenue grew 34.5 per cent to Rs 823.7 crore.

"In Q4, we signed orders worth USD 133 million. In FY15, we see a stronger pipeline, we expect growth momentum of the quarter into Q1. It will be a good start to the year," Mindtree Chief Executive Officer and Managing Director K Natarajan said on a conference call.

He added that Mindtree will beat IT-BPO industry body Nasscom's revenue growth guidance of 13-15 per cent for 2014-15.