External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Mindtree (MTCL) has reported revenue growth of over 5% QoQ (CC) for the fifth consecutive quarter in Q4FY22.</li><li>Revenue stood at US$384mn, growing at 5.2% QoQ (CC) and 4.8% QoQ (US$) (Isec: 4.9%, Cons: 4.3%).</li><li>Margin performance was impressive with EBIT margin at 18.9%, -30bps QoQ (Isec: 18.1%, Cons: 18.8%), above our estimates.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindtree (MTCL) has reported revenue growth of over 5% QoQ (CC) for the fifth consecutive quarter in Q4FY22.Revenue stood at US$384mn, growing at 5.2% QoQ (CC) and 4.8% QoQ (US$) (Isec: 4.9%, Cons: 4.3%).Margin performance was impressive with EBIT margin at 18.9%, -30bps QoQ (Isec: 18.1%, Cons: 18.8%), above our estimates.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindtree: Impressive Disciplined Execution

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>MTCL reported a revenue of USD384m (+5.2% QoQ CC) in 4QFY22.</li><li>Reported revenue grew 4.8% (inline), driven by broad-based growth across verticals and regions.</li><li>Deal TCV rose 9% QoQ to USD390m in 4QFY22.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MTCL reported a revenue of USD384m (+5.2% QoQ CC) in 4QFY22.Reported revenue grew 4.8% (inline), driven by broad-based growth across verticals and regions.Deal TCV rose 9% QoQ to USD390m in 4QFY22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindtree: Reassuring Performance, Valuations Full

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Mindtree reported strong revenue growth of 5.4% QoQ and stood at Rs 2,897 Cr in Q4FY22, reporting revenue growth of 49.1% YoY.</li><li>The company posted operating profits of Rs 608 Cr, registering a growth of 2.7% QoQ, demonstrating the company’s superior execution and better service mix</li><li>We recommend a BUY on the stock and assign 35x P/E multiple to its FY24E earnings of Rs 135.8/share to arrive at a TP of Rs 4,830/share, implying an upside potential of 22% from CMP.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindtree reported strong revenue growth of 5.4% QoQ and stood at Rs 2,897 Cr in Q4FY22, reporting revenue growth of 49.1% YoY.The company posted operating profits of Rs 608 Cr, registering a growth of 2.7% QoQ, demonstrating the company’s superior execution and better service mixWe recommend a BUY on the stock and assign 35x P/E multiple to its FY24E earnings of Rs 135.8/share to arrive at a TP of Rs 4,830/share, implying an upside potential of 22% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindtree: Robust Revenue Growth; Better Execution

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<ul><li>We are downgrading Indian IT Services sector to underweight (UW) on a 12-month basis, though in the near term, there is relative earnings resilience against certain domestic sectors.</li><li>But, the likely 1HFY23 strength should be used to pare positions if overweight (OW), especially in expensive Tier-2 companies.</li><li>Nifty IT index is up ~144% from 1st Jan, 2020 till 31st March, 2022 while Nifty is up 44% (Nifty Bank up only 13%!)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We are downgrading Indian IT Services sector to underweight (UW) on a 12-month basis, though in the near term, there is relative earnings resilience against certain domestic sectors.But, the likely 1HFY23 strength should be used to pare positions if overweight (OW), especially in expensive Tier-2 companies.Nifty IT index is up ~144% from 1st Jan, 2020 till 31st March, 2022 while Nifty is up 44% (Nifty Bank up only 13%!)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Information Technology Sector- Sector Update- Move to Underweight

<ul><li>IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the previous quarter despite seasonality furloughs</li><li>IT spending in North America and Europe has gained momentum and demand for digital transformation has increased exponentially</li><li>Furthermore, improved macro-economic opportunities across the globe are expected to provide further growth impetus to the sector moving forward</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the previous quarter despite seasonality furloughsIT spending in North America and Europe has gained momentum and demand for digital transformation has increased exponentiallyFurthermore, improved macro-economic opportunities across the globe are expected to provide further growth impetus to the sector moving forwardContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IT: Supply-Side Constraints Persist; Demand Robust

India

Mindtree Limited is an international IT company. The Company delivers business and technology solutions through global software development. Mindtree develops applications to help companies enhance their enterprise operations. The Company also delivers product-development services and designs reusable building blocks for high-tech companies.

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Mindtree Ltd (MTCL IN)

Mindtree: Impressive Disciplined Execution

Mindtree (MTCL) has reported revenue growth of over 5% QoQ (CC) for the fifth consecutive quarter in Q4FY22.Revenue stood at US$384mn, growing at...

ICICI Securities Limited

Mindtree: Reassuring Performance, Valuations Full

MTCL reported a revenue of USD384m (+5.2% QoQ CC) in 4QFY22.Reported revenue grew 4.8% (inline), driven by broad-based growth across verticals...

Motilal Oswal

Mindtree: Robust Revenue Growth; Better Execution

We recommend a BUY on the stock and assign 35x P/E multiple to its FY24E earnings of Rs 135.8/share to arrive at a TP of Rs 4,830/share, implying...

Axis Direct

Information Technology Sector- Sector Update- Move to Underweight

We are downgrading Indian IT Services sector to underweight (UW) on a 12-month basis, though in the near term, there is relative earnings...

Nirmal Bang

IT: Supply-Side Constraints Persist; Demand Robust

IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the...

Axis Direct

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