BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Prabhudas Lilladher Report
Mindtree Ltd. reported 5.2% QoQ constant currency, 4.7% QoQ U.S. dollar growth (our estimate: 5.1%, consensus: 6%), delivering greater than 5% QoQ constant currency growth for four consecutive quarters.
Miss in revenue was led by softness in retail, consumer packaged goods and manufacturing (up 0.1% QoQ USD) as retail clients paused their digital transformation initiatives to focus on peak demand during holiday season.
These initiatives have restarted in Q4 and growth momentum is back in retail, consumer packaged goods and manufacturing. Growth was healthy in rest of the verticals.
Mindtree reported healthy deal total contract of $358 million, up 14.6% YoY, flattish QoQ despite weak seasonality. It won 10 cloud deals this quarter on back of expanded partnership with one of the hyperscalars. Demand continues to be strong with increasing number of deals coming with large tail of growth.
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