Mindtree - Strong Q4, Tailwind From Travel Vertical To Boost Growth In FY22: Motilal Oswal
Mindtree. (Photo: BloombergQuint)

Mindtree - Strong Q4, Tailwind From Travel Vertical To Boost Growth In FY22: Motilal Oswal

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.

Motilal Oswal Report

Mindtree Ltd. delivered another strong quarter, with U.S. dollar revenue growth of 5.1% quarter-on-quarter, above our estimate of 4.3%, driven by robust growth outside of the top 10 accounts (+8.6% QoQ U.S. dollar) and end of discounts in the travel and hospitality vertical (+17% QoQ U.S. dollar).

Deal total contract value rose 20% QoQ to $375 million in Q4 FY21 and the management indicated that deal pipeline is at a record high.

It was able to deliver better than expected Ebitda margin in Q4 FY21 (18.6%, down 100 basis points QoQ) as wage hike impact (-240 bps QoQ) was partially compensated by operational efficiency and higher utilisation (84.3%, +120 bps QoQ).

Click on the attachment to read the full report:

Motilal Oswal Mindtree Q4 Result Update.pdf


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