Mindtree's sublime performance operationally (relative to peers) in FY21 is largely sustainable and management guided EBITDA margin >20%. Our target price is INR 2,200, valued at 24x Mar-23E EPS (14% CAGR over FY21-23E following >70% growth in FY21). Mindtree: We maintain ADD on Mindtree, following a strong 4Q (in-line), strong operational efficiency, and broad-based growth momentum. Mindtrees growth trajectory has improved recently with a balanced profile (vs. skewed historically), led by interventions to drive larger/annuity deals and recent wins such as Knauf and Nordex are validation. Although FY21 TCV is higher by ~12%, robust pipeline (at an all-time high) and expectation of strong closures in 1HFY22 will support 16% growth in FY22. The growth acceleration is expected to be led by Europe geography as well as uptick in non-T1 account (17% CAGR over FY21-23E vs. 4% CAGR over FY16-21) even as T1 is expected to grow at 10% CAGR on a high base.