Mindtree Q2 Review - Blockbuster Performance: Prabhudas Lilladher
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Prabhudas Lilladher Report
Mindtree Ltd. reported exceptionally strong beat in revenue (up 450 basis points/up 680 bps above our/consensus estimates) with 12.7% QoQ U.S. dollar growth led by strong growth in retail, consumer packaged goods and manufacturing (up 29.7% QoQ U.S. dollar) partly aided by project backlogs as economies opened after extended lock down, especially in Europe region which also posted strong growth. (Continental Europe up 14.7% QoQ U.S. dollar).
Mindtree's rest of the verticals and markets also posted strong growth.
Bulk of the growth was driven by customer success service line (up 21.9% QoQ U.S. dollar) which also indicates strong demand for adoption of technology for revenue maximisation and this is only expected to increase with time.
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