External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Our target price is INR 2,635, valued at 28x Jun-23E EPS (15% CAGR over FY21-24E over a high base in FY21 at &gt;70%). Mindtree: We maintain ADD on Mindtree (MTCL), following revenue outperformance in Q1, all-time high bookings and hiring reflecting strong demand, and improving revenue profile (broad-based). Mindtrees growth mix has improved in recent times (vs. a skewed profile earlier), led by interventions to drive large/annuity deals. Its sustainable structural improvement is validated by (1) the uptick in Q1 deal TCV at &gt;USD 0.5bn (vs.</p>
<div class="content-highlight"><em>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.</em></div>

Our target price is INR 2,635, valued at 28x Jun-23E EPS (15% CAGR over FY21-24E over a high base in FY21 at &gt;70%). Mindtree: We maintain ADD on Mindtree (MTCL), following revenue outperformance in Q1, all-time high bookings and hiring reflecting strong demand, and improving revenue profile (broad-based). Mindtrees growth mix has improved in recent times (vs. a skewed profile earlier), led by interventions to drive large/annuity deals. Its sustainable structural improvement is validated by (1) the uptick in Q1 deal TCV at &gt;USD 0.5bn (vs.
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 Ltd

Mindtree: Results Review