Mindtree Q1 Review - Results Beat Estimates; Guides Strong Industry Leading Growth: Dolat Capital
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Dolat Capital Report
Mindtree Ltd. reported 7.6% constant currency QoQ growth (our estimate: 4.1%) led by strong traction across key verticals and geographies.
Operating profit margin declined by just 82 basis points QoQ to 17.7% (our estimate: 17.1%) as visa and strong hiring impact was negated by strong growth leverage and pyramid optimisation.
Mindtree clocked highest-ever total contract value wins at $0.5 billion (up 34% QoQ) taking the trailing twelve months TCV growth of 15% at $1.5 billion.
The company expects the revenue momentum to continue and expects strong double digit growth in FY22 (confidence enhanced after Q1) as the pipeline remains healthy with opportunities.
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