HDFC Securities is bullish on Mindtree has recommended buy rating on the stock with a target price of Rs 1210 in its research report dated October 18, 2018.
HDFC Securities' research report on Mindtree
Mindtree posted nearly in-line revenue and operating performance, while profit jump was supported by higher forex. Rev came at USD 246mn, 2.0/19.5% QoQ/YoY on 2.4% QoQ CC. EBITDA% stood at 15.4, +129bps QoQ supported by INR depreciation and APAT at Rs 2.06bn was supported by forex gain of Rs 403mn in 2Q vs Rs 191mn in 1Q.
Outlook
Maintain BUY with TP of Rs 1,210, 22x Sep-20E EPS supported by >30% RoIC and strong earnings growth trajectory.
For all recommendations report, click here
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