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Motilal Oswal Report
Mindtree's revenue, excluding for the top account, plunged approximately 16% quarter on quarter basis, largely weighed by travel, transportation, and hospitality. Despite the nosedive in revenue (-9% QoQ), the EBIT margin remained resilient, aided by operational efficiencies and favorable currency. While the deal win run-rate was maintained, the mix was more skewed toward renewals which is approximately 80%. The top account and overall outlook remained positive/stable.
We upgrade their earnings per share estimate by 12-13% on a stronger-than-expected margin trajectory. While the top client has been driving strong growth in the recent past, we remain cognizant of increasing concentration risk. Additionally, we are watchful of the potential insolvencies of some clients within the Travel, Transportation, and hospitality vertical.
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