Mindtree Q3 Results Beat; Confident To Sustain Momentum, 20% Plus Ebitda Margin: Dolat Capital
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Dolat Capital Report
Mindtree Ltd. reported 4.6% constant currency terms QoQ growth (our estimate 3.3%) led by sustained traction across business segment except banking financial services and insurance which grew 0.9% QoQ.
Operating profit margin improved yet again by 289 basis points QoQ to 19.6% (our estimate 17.1%) led by gains from offshore shift (Off-Shore effort up 90 basis points QoQ) and improved utilization (up 430 basis points) that ensured flat wage bill QoQ basis.
Total contract value stood at $312 million taking the trailing twelve months TCV to $1.4 billion (up 29.5% YoY) with a revenue coverage of 1.31 times, provides comfort on growth visibility.
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