<p>Shares of mid-sized IT services company Mindtree today rose by nearly 6 per cent to touch a one-year high level, after the company's consolidated net profit rose by 52 per cent for the first quarter ended June 30, 2013.<br /><br /></p>.<p>Following the strong set of results, the stock started the session on a positive note and as the trade progressed it further gained 5.66 per cent to Rs 966.2 -- its 52-week high on the BSE.<br /><br />At the NSE, the scrip surged 5.72 per cent touch its one- year peak of Rs 966.60.<br />"Mindtree's Q1 results were ahead of estimates. Positive outlook for FY'14, along with signs of uptick in discretionary spending and relatively attractive valuation would make it a good long-term portfolio candidate in mid-cap IT space," said Vivek Mahajan, Head of Research, Aditya Birla Money.<br /><br />Mindtree's consolidated net profit rose by 52 per cent for the quarter ended June 30, 2013 on the back of a healthy growth in consumer packaged goods, retail and insurance verticals.<br /><br />The Bangalore-headquartered firm posted a net profit of Rs 135.4 crore in April-June quarter this fiscal against Rs 89.2 crore in the same quarter of 2012-13 fiscal.<br /><br />Mindtree, which saw 15 consecutive quarters of revenue growth, said it expects the revenue momentum to continue in the July-September quarter, which will be able to offset the wage hikes and campus hiring in the second quarter.<br /><br />The firm reported a 15 per cent rise in its consolidated income at Rs 647.7 crore in the first quarter of 2013-14 from Rs 563 crore in the same quarter of 2012-13.<br />In US dollars, Mindtree posted a net profit of USD 24.6 million in Q1 of 2013-14 fiscal, a 47.3 per cent growth year- on-year. Its revenues rose by 11.6 per cent to USD 117.7 million during the same period.</p>
<p>Shares of mid-sized IT services company Mindtree today rose by nearly 6 per cent to touch a one-year high level, after the company's consolidated net profit rose by 52 per cent for the first quarter ended June 30, 2013.<br /><br /></p>.<p>Following the strong set of results, the stock started the session on a positive note and as the trade progressed it further gained 5.66 per cent to Rs 966.2 -- its 52-week high on the BSE.<br /><br />At the NSE, the scrip surged 5.72 per cent touch its one- year peak of Rs 966.60.<br />"Mindtree's Q1 results were ahead of estimates. Positive outlook for FY'14, along with signs of uptick in discretionary spending and relatively attractive valuation would make it a good long-term portfolio candidate in mid-cap IT space," said Vivek Mahajan, Head of Research, Aditya Birla Money.<br /><br />Mindtree's consolidated net profit rose by 52 per cent for the quarter ended June 30, 2013 on the back of a healthy growth in consumer packaged goods, retail and insurance verticals.<br /><br />The Bangalore-headquartered firm posted a net profit of Rs 135.4 crore in April-June quarter this fiscal against Rs 89.2 crore in the same quarter of 2012-13 fiscal.<br /><br />Mindtree, which saw 15 consecutive quarters of revenue growth, said it expects the revenue momentum to continue in the July-September quarter, which will be able to offset the wage hikes and campus hiring in the second quarter.<br /><br />The firm reported a 15 per cent rise in its consolidated income at Rs 647.7 crore in the first quarter of 2013-14 from Rs 563 crore in the same quarter of 2012-13.<br />In US dollars, Mindtree posted a net profit of USD 24.6 million in Q1 of 2013-14 fiscal, a 47.3 per cent growth year- on-year. Its revenues rose by 11.6 per cent to USD 117.7 million during the same period.</p>