Maintains growth momentum along with strong margin performance
Reported strong financial performance with revenue slightly above estimates and EBIT margin significantly above estimates for the quarter. Robust deal booking for the quarter(all time high) provides strong revenue visibility. Improving employing pyramid, positive operating leverage and the efficiency measures should help to broadly maintain 20% plus EBITDA margin going ahead. Attrition remains high but expected to moderate over next few months. Client mining strategy of upselling and cross selling among top clients continues to serve it well. We maintain ADD Rating on the stock with revised target price of Rs 3,432, valuing the stock at 27x on FY24E EPS.
Shares of MindTree Limited was last trading in BSE at Rs. 2899.35 as compared to the previous close of Rs. 2855.45. The total number of shares traded during the day was 53379 in over 6030 trades.
The stock hit an intraday high of Rs. 2915.00 and intraday low of 2853.10. The net turnover during the day was Rs. 154117992.00.