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Dolat Capital Report
Mindtree Ltd. reported 5.2% constant currency QoQ growth (our estimate: 3.6%) led by 7.2% QoQ growth in top client and 3.8% QoQ growth in rest of the clients.
Ebit margin improved by 107 basis points QoQ to 19.2% (our estimate: 18.1%) led by pyramid optimisation and cost control on sub-contracting cost (down 2.1% QoQ).
Total contract value wins stood at $358 million (flat QoQ) taking the trailing twelve months TCV to $1.6 billion (14.2% YoY, TCV growth is lagging revenue growth).
However, Mindtree remain confident on sustained traction as it is witnessing trend of clients extending project work acceleration towards long tail.
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