Mindtree’s Strong Q3 Led By Stellar Margin Performance, Says Motilal Oswal 
Mindtree’s campus in Bengaluru. (Photo: BloombergQuint)

Mindtree’s Strong Q3 Led By Stellar Margin Performance, Says Motilal Oswal 

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Motilal Oswal Report

Mindtree Ltd. delivered strong revenue growth in Q3 (5.0% QoQ U.S. dollar, above our estimate of 3.6% QoQ, on a broad-based performance across client buckets and industries (with the exception of banking financial services and insurance).

While deal wins ($312 million) were stable QoQ, they remain approximately 20% below the highs seen some quarters ago.

More importantly, we were surprised by further expansion in the Ebit margin (up 290 basis point QoQ / up 760 basis point YoY), led by a 430 basis point QoQ increase in utilization (all-time high) and 70 basis point increase in the offshore mix (a six-year high).

Click on the attachment to read the full report:

Motilal Oswal Mindtee Q3FY21 Result Update.pdf

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