MindTree's (MT) $ revenues grew 2.0% QoQ to $199.0 mn marginally below our expectation of $201.1 mn (2.8% QoQ growth). In constant currency revenues grew 1.1% QoQ • Revenues in rupees grew 0.6% QoQ to | 1,327.6 crore, also marginally below our 1.5% QoQ growth and | 1344.6 crore estimate (average rupee realised: 66.72 vs. 66.9 assumed) • The EBITDA margin declined 200 bps sequentially at 14.7% and was well below our expectation of 16.9% mainly on account of a hike in visa cost (down 100 bps), operating level loss of Bluefin acquisition (down 80 bps) due to a delay in revenues and currency impact (down 20 bps) • Reported PAT was | 123 crore and was below our estimate of | 161 crore mainly due to poor margin performance. ICICI Securities Limited maintain Hold recommendation on the stock and downgraded target price to | 595 / share (15x FY18 EPS).Trendlyne has 8 reports on MINDTREE updated in the last year from 4 brokers with an average target of Rs 642.5. Brokers have a rating for MINDTREE with 1 downgrade,4 price downgrades and 1 price upgrade in past 6 months.