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.
Motilal Oswal Report
Mindtree Ltd.’s revenue growth (2.1% QoQ constant currency) was largely in-line. Margin expansion of 160 basis point QoQ was a surprise.
Management commentary to sustain margin despite wage hikes, seasonal impact, and the possibility of transient tailwind factors (such as lower attrition and travel costs) gradually waning out are encouraging.
Deal wins (303 million U.S. dollar) were reasonably stable, and the deal pipeline remains healthy.
Persistent weakness in the top two to 10 client bucket (down 3.5% QoQ, eight-quarter compounded quarterly growth rate of down 2%) remains a concern given its 20% contribution to the topline.
High exposure to travel, transport, and hospitality is also expected to remain a drag on overall recovery.
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