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Dolat Capital Report
Mindtree Ltd. reported 5.0% CC QoQ growth (DE: 4.0%) led by traction across key verticals except BFSI which de-grew 1.3% QoQ.
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OPM declined by 103 bps QoQ to 18.6% (DE: 18.1%) led by wage hike impact (Employee cost up 4.1% QoQ). The company announced dividend per share of Rs. 17.5.
TCV stood at $375 million (up 20% QoQ) yet the TTM TCV remains modest growth of 12% at $1.4 billion.
MTCL expects the revenue momentum to continue and expects strong double digit growth in FY22 as the pipeline remains healthy (all time high) with opportunities.
Mindtree has guided Ebitda margins to sustain over 20% in FY22 (Q4: 21.9%). We believe this is achievable despite headwinds (hikes, partial return of discretionary cost) as revenue traction would bring in operating leverage gains and large part of operational efficiency gains to stay.
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