Maintain BUY with TP of Rs 1,210, 22x Sep-20E EPS supported by >30% RoIC and strong earnings growth trajectory. Mindtree posted nearly in-line revenue and operating performance, while profit jump was supported by higher forex. Rev came at USD 246mn, 2.0/19.5% QoQ/YoY on 2.4% QoQ CC. EBITDA% stood at 15.4%, +129bps QoQ supported by INR depreciation and APAT at Rs 2.06bn was supported by forex gain of Rs 403mn in 2Q vs Rs 191mn in 1Q.