Mindtree Q4 Review - Subtle Downgrade In Outlook: ICICI Securities
A view of the Mindtree campus in Bengaluru. (Photo: PTI)

Mindtree Q4 Review - Subtle Downgrade In Outlook: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

While reported revenue growth of Mindtree Ltd. (+5.2% QoQ, USD) was largely in-line, Ebitda margins (18.6%) were 90 basis points ahead of our estimates.

Beat on margins was driven by better than expected operational efficiencies.

Order booking in Q4 ($375mn) was healthy with overall TCV for FY21 increasing 12.3% YoY.

Double-digit revenue growth is now indicated for FY22E.

We read it as a subtle downgrade from the earlier outlook of ‘industry-leading growth’ (expected to be in high teens) hinted at during the previous quarter.

Click on the attachment to read the full report:

ICICI Securities Mindtree Q4FY21 Result Review.pdf


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