While Mindtree has navigated the leadership transition, broad-based' and sustainable growth profile may take slightly longer as the company undergoes the shift from project-heavy (front-end digital) into longer duration annuity deals. Near term performance will exhibit modest revenue growth (vs. peers) and improving operating profile. We expect USD rev/EPS at 10/13% CAGR over FY19-22E factoring USD rev growth of 8.9/10.3/11.5% and EBIT% of 10.0/12.1/13.7% for FY20/21/22E. We maintain NEUTRAL on Mindtree following an in-line rev/better operating performance. Growth was top account heavy and operational improvement is expected to continue. Our TP of Rs 830, implies 14x Dec-21E EPS (~4% increase in EPS est).