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Motilal Oswal Report
Mindtree Ltd. delivered another strong quarter, with U.S. dollar constant currency revenue growth of 7.6% QoQ, above our estimate of 6.3%, led by broad based growth across client buckets.
Deal total contract was at a record high of $504 million, with a growing proportion of annuity deals, which offers better revenue visibility, but having larger than usual renewal share.
Mindtree's Ebitda margin fell 160 basis point QoQ, led by higher employee additions, increased subcontracting expenses (170 basis points), and greater visa costs (40 bps), but partially offset by cross currency gains and higher revenue (50 bps).
Ebit margin benefitted from lower depreciation on amortisation of some assets.
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