ICICI Direct recommended hold rating on MindTree with a target price of Rs 930 in its research report dated January 17, 2019.
ICICI Direct's research report on MindTree
MindTree reported an in line dollar revenue growth and 50 bps margin expansion to 15.9% US$ revenues grew 2.1% QoQ to $251.5 million, in line with our $251.4 million estimate. Constant currency revenues grew 2.4% QoQ The EBITDA margin expanded 50 bps sequentially to 15.9% (above our 15.7% estimate) led by operational efficiency and no impact of rupee depreciation.
Outlook
Further, keeping in mind the impending stake sale by a large shareholder and the macro environment uncertainty, we maintain our HOLD rating on the stock with a revised target price of Rs 930 per share (based on 16x P/E on FY21E EPS).
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