Mindtree Q1 Review - Healthy Revenue Growth, Efficient Execution To Aid Margin Expansion: Axis Securities
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Axis Securities Report
Mindtree Ltd. beat our estimates for the quarter and reported robust revenue growth in Q1 FY22 with revenue at Rs 2,292 crore, up 20.1% YoY and 8.6% QoQ.
Operating profits stood at Rs 465 crore, registering a growth of 11.1% QoQ while operating margins de-grew by 160 basis points QoQ and stood at 17.7%.
The de-growth was primarily on account of higher subcontracting costs and wage hikes.
Net profit for Q1 FY22 stood at Rs 344 crore, delivering growth of 61.1% YoY.
The management gave out a positive commentary on the verticals such as the banking, financial services and insurance, hi-tech media, and life sciences.
Deal-wins for the quarter remained at an all-time high with the order book standing at $504 million which represented a growth of 34.2% on a QoQ basis.
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