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IDBI Capital Report
Mindtree Ltd. reported robust revenue growth in Q3 FY22 (up 4.7%/up 33.7% QoQ/YoY) and its margins were above our estimates (19.2%, versus 18.3%).
The company continues to see healthy order book up 14.6% YoY taking total year to date total contract value to $1.2 billion. The company is winning healthy deals in cloud (+10 deals), data and experience.
Mindtree will be key beneficiary of strong growth in digital technologies and larger tech spending pie over two to three years. In addition, the company's strategy to focus on being end to end provider, client mining (focus on top 100 clients) and dedicated hyperscaler vertical is expected to drive long term growth.
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