MindTree Ltd. share price target

MTCL reported a revenue of USD384m (+5.2% QoQ CC) in 4QFY22. Reported revenue grew 4.8% (inline), driven by broad-based growth across verticals and regions. Deal TCV rose 9% QoQ to USD390m in 4QFY22. The management reiterated that the demand environment continues to remain strong, and expects industry-leading growth in FY23. EBITDA margin fell 50bp QoQ (inline) in 4QFY22 on higher utilization and...

Q4 revenue growth at 4.8% QoQ USD was largely in line with our estimate, driven by travel and BFSI verticals; manufacturing and retail slowed

We attended MTCL's annual investor meet, where the management reiterated its strong demand outlook and detailed the six strategic levers for FY23. It sees scope for continued performance in their 4x4x4 strategy and investments required to boost long-term...

We recommend a BUY on the stock and assign 38x P/E multiple to its FY24E earnings of Rs 140.2/share to arrive at a TP of Rs 5,310/share, implying an upside potential of 39% from the CMP.

all companies in NIFTY IT Index, several mid-cap, small cap IT firms and new age internet players. Management commentary across companies indicate that strong demand environment is expected to continue over medium term and revenue growth is no longer contingent on winning large deals. Pricing environment has also improved. Additionally, companies are doing aggressive fresher hiring resulting in pyramid balancing which will provide considerable margin tailwinds in FY23....

Company's healthy order book and robust business model should continue to drive growth. Recent hiring spree and other costs however may marginally impact EBITDA margins in the near-term. Also, valuation remains high and therefore we maintain our HOLD rating on...

We recommend a BUY on the stock and assign 40x P/E multiple to its FY24E earnings of Rs 131.5/share to arrive at a, implying an upside potential of 12% from CMP.

despite weak seasonality. It won 10 cloud deals this quarter on back of expanded partnership with one of the hyperscalars. Demand continues to be strong with increasing number of deals coming with large tail of growth. MTCL reported strong beat in EBIT margin, 19.2%, +100bps QoQ, (Ple: 18%, Cons: 18.3%). Unlike peers, MTCL's sub-con costs as % of revenue trended hiring since last few quarters is also aiding margin through pyramid We believe attrition may peak out next quarter and stabilize thereafter. increase in margin estimates. We were already ahead by ~12% compared to...

Mindtree (MTCL) reported growth of 4.7% QoQ USD, in-line with estimates. Momentum was driven by travel, CMT and BFSI