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Anand Rathi Report
Through a share swap Mindtree Ltd. will amalgamate with Larsen and Toubro Infotech Ltd. in the next few months. The combined entity offers high growth potential (in banking, financial services and insurance, hi-tech and retail), a diversified base (L&T Infotech was 46% BFSI; Mindtree, 44% communication, media, and technology) and better margin defence on account of likely general and administrative cost synergies.
Revenues to touch $5 billion by FY24 and margins to hold at ~20% after merger and acquisition-related costs and potential employee-retention-related expenses.
LTIMindtree can deliver a Rs 176 earnings per share by FY24 and now trades at 26 times FY24, which we find attractive.
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