Mindtree Q1 Review - Robust Revenue Growth: ICICI Direct
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ICICI Direct Report
Mindtree Ltd. reported robust Q1 FY22 results. Key takeaways of the conference call:
The company has seen healthy order book led by closure of certain deals (especially banking financial services and insurance), increase in multi-year deals (increase in deal tenures), renewals, higher demand from retail and consumer packaged good clients and traction in cloud and customer experience.
The company is seeing healthy traction in travel clients (led by leisure travel). An increase in business travel will further boost growth.
Further, considering the company’s ability to cross sell, up sell, inorganic expansion, organic expansion via P&L, expansion in Europe and higher growth in BFSI and retail prompts the company to believe it will be able to clock industry leading double digit growth in FY22E (which we estimate at 21% YoY).
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