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ICICI Securities Report
While reported revenue growth of Mindtree Ltd. (+5.2% QoQ, USD) was largely in-line, Ebitda margins (18.6%) were 90 basis points ahead of our estimates.
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Beat on margins was driven by better than expected operational efficiencies.
Order booking in Q4 ($375mn) was healthy with overall TCV for FY21 increasing 12.3% YoY.
Double-digit revenue growth is now indicated for FY22E.
We read it as a subtle downgrade from the earlier outlook of ‘industry-leading growth' (expected to be in high teens) hinted at during the previous quarter.
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