Mindtree Ltd

HSIE Results Daily: Mindtree, CESC

Equity Bottom-Up
130 Views, 17 Jan 2022 10:59
EXECUTIVE SUMMARY
  • Mindtree (MTCL) delivered healthy QoQ growth (following a very strong quarter) and margin beat (~100bps expansion) was the highlight of the quarter
  • Recovery in T1 business was encouraging and growth was broad-based across verticals, geographies, and service lines
  • Our target price of INR 5,060 is based on 37x Mar-24E EPS (25% CAGR over FY21-24E on a high base in FY21 of >70%)
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