Mindtree Q2 Review - Growth Momentum To Continue But The Valuation Is Rich: KRChoksey
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KRChoksey Research Report
Mindtree Ltd. has shown a stellar performance in Q2 FY22 and beats the streets estimate.
Dollar revenue was up 12.8% to $350 million (our estimate: $337 million). Rupee revenue grew by 12.9% QoQ to Rs 25,862 million (our estimate: Rs 24,929 million).
Reported operating margin expanded by 43 basis points to 18.2% QoQ backed by healthy growth and operational efficiencies, partially offset by wage hike and cross currency movements.
Reported net profit grew by ~16.2% QoQ to Rs 3,989 million with margin of 15.4%.
The growth in the quarter for Mindtree was broad based and across geographies served, backed by rising appetite for digitisation among clients, who seek business innovation for revenue maximisation and other strategic outcomes.
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