Mindtree reported revenue (USD)/Adj. EBIT/PAT growth of -4%/75%/130% The company reported yet another quarter of strong performance from the top account (Microsoft, +10% QoQ and +44% YoY). The share of revenue from fixed-price projects saw a material increase (~830bp QoQ to ~67% of revenue), largely reflecting the strategic focus on Tight control on cost more than offset the margin impact from a drop in the revenue run-rate. Increasing client concentration and potential insolvencies in some airlines / hospitality companies on account of the COVID-19 disruption are key risks to Additionally, it now has decent exposure to annuity-/project-based work in the Mindtree reported revenue (USD)/Adj. EBIT/PAT growth of -4%/75%/130% YoY. BFSI and Retail The share of revenue from fixed-price projects saw a material increase (~830bp QoQ to ~67% of revenue), largely reflecting the strategic focus on chasing long- Cash conversion was healthy during the quarter.