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Mindtree shares erase opening gains ahead of Q3 results; trade negative

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MindTree share price: Hours ahead of its Q3 results, the midcap IT major's stock price trade positive albeit lower from the morning highs. MindTree is expected to report a dollar revenue growth of 5.1 percent and constant currency growth of 5.5 percent on QoQ basis.

Mindtree shares erase opening gains ahead of Q3 results; trade negative
MindTree Ltd shares traded lower on Thursday, down almost 2 percent from the day's high, ahead of the IT company's third quarter results later in the day. MindTree stock price quoted at Rs 4,612.25 apiece on NSE, down half a percent on NSE at 11.12 am. The stock opened at Rs 4,650 and touched the day's high at Rs 4,728.90. The day's low came in at Rs 4,581.
The midcap IT major is expected to report a dollar revenue growth of 5.1 percent and constant currency growth of 5.5 percent on quarter-on-quarter basis, as per a CNBC-TV18 poll. The company is expected to post a net profit of Rs 430 crore in the third quarter, as per the poll, while revenues are likely to come in at Rs 2,760 crore.
The street also expects strong hiring numbers and any pick up in deal wins will boost confidence, the CNBC-TV18 report said.
MindTree had posted a net profit of Rs 399 crore for the quarter ended September 30. The net profit saw a sequential rise of 16.2 percent from the net profit of Rs 343.4 crore in the previous quarter. The revenue in dollar terms grew 12.8 percent sequentially to $350.1 million for Q2FY22 and 13.4 percent in constant currency terms.
Meanwhile, three other IT firms — Tata Consultancy Services (TCS), Wipro and Infosys — reported their third quarter results on Wednesday, kickstarting the earnings season.
After market hours on Wednesday, TCS reported a 43 percent sequential increase in revenue to Rs 48,885 crore for the December quarter, exceeding Street expectations. Its net profit of Rs 9,769 crore, up 1.5 percent on a quarter-on-quarter basis, however, missed analysts' estimates.
The TCS stock rose as much as 2.3 percent to Rs 3,944.4 apiece, coming within one percent of a 52-week high, touched in October 2021.
Infosys shares rose as much as 2 percent as the IT company delivered a better-than-expected earnings performance in Q3 of FY22 and raised guidance.
Shares of Wipro Ltd fell over 5 percent during opening trade on Thursday on the BSE after the IT services major reported a 1.3 percent year-on-year (YoY) drop in net profit at Rs 2,970 crore for the third quarter ended December 31, 2021.
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