BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
Mindtree Ltd.’s Q2 FY21 results were inline on revenues but delivered strong beat on margins and profit after tax.
Mindtree guided for steady growth momentum in H2 FY21 despite seasonal impact of furloughs led by ramp up of recent deal wins.
Mindtree margin commentary was especially strong and company cited that it would sustain current Ebit margin (16.7% as on Q2 FY21) even in Q4 FY21 despite company giving wage hikes effective January 2021.
We now model Mindtree U.S. dollar revenue growth/(decline) at (2.7)/13% for FY21/FY22E (versus(2.4)/13.2% earlier).
Post Q2 strong margin execution, we now model Mindtree Ebit margin at 16.3/16.9% for FY21/FY22E (versus 14.7/15.1% earlier).
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