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Axis Securities Report
Mindtree Ltd. beat our estimates with revenue of Rs 2,750 crore for Q3 FY22, reporting revenue growth of 35.9% YoY and 6.3% QoQ. The company posted operating profits of Rs 592 crore, registering a growth of 9.7% QoQ.
Furthermore, its operating margins expanded by 100 basis points QoQ to 21.5%, mainly driven by the company's superior execution and better service mix.
Net profit for Q3 FY22 stood at Rs 438 crore, registering an impressive growth of 34% YoY and 9.7% QoQ.
The management communicated a positive commentary on the verticals banking, financial services and insurance, hi-tech media, and life sciences. Deal-wins for the quarter continued robust momentum and stood at $358 million.
Mindtree continues with its multi-pronged strategy of consolidating service lines, consistent investment, focusing on garnering multi-year engagements, and scaling up top accounts that can aid in sales traction.
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