Shares of midcap IT company MindTree Limited are trading higher today despite the company's consolidated net profit declining nearly 6% in the March 2017 quarter, compared to year-ago quarter.
The stock rose to Rs 461 after a steady start, and despite having come off that high, is trading more than 2% up at Rs 451.30 now.
The counter is attracting fairly good volumes, with the one at BSE clocking a volume of nearly 1.1 lakh shares, almost four times the average daily volume witnesses in the last two weeks. On the National Stock Exchange, the MindTree counter has recorded a volume of nearly 1.5 million shares so far in the session.
A surge in bottomline that beat expectations appears to be aiding the stock's upmove.
MindTree reported on Thursday that it posted consolidated net profit of Rs 97.2 crore in the January - March 2017 quarter, due to Rs 22.8 crore forex loss. The company's revenue in terms of rupee as well as dollar, rose 1.8% in the quarter.
Operating profit was up 7.4% in the fourth quarter (y-o-y) and margin was up 78 basis points to 14.18%. Both these figures beat expectations.
For the full year ended March 2017, MindTree's profit was down more than 24% at Rs 418.6 crore, even as revenue rose 12.1% to Rs 5236.4 crore.