Fundamental Result Update

MindTree Ltd. Q3FY20 Result Update



Mindtree reported stable set of numbers in Q 3 FY 20 mostly in line with our estimates except a minor miss on net sales due to slight sluggishness in European market Consolidated revenue for Q 2 FY 20 stood at Rs 19 653 mn slightly below our estimate of Rs 20 269 mn registering 10 0 YoY 2 7 QoQ growth Reported EBITDA grew 8 1 YoY/+ 23 4 QoQ to Rs 3 063 mn a tad above our estimate of Rs 2 736 mn while EBITDA margin expanded 262 bps QoQ to 15 6 above our estimate PAT for the quarter grew 3 0 YoY to Rs 1 970 mn beating our estimate of Rs 1 621 mn With better than expected results, we maintain our rating on the stock at Neutral due to factors like 1 new management will take time to effectively manage the transition, 2 high attrition rate 3 still high concentration of top clients We recommend Neutral rating on the stock with a target price of Rs 888


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