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

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.