Mindtree Q3 Review: Industry Leading Margins In Midcaps, Says Prabhudas Lilladher

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Prabhudas Lilladher Report

Mindtree Ltd. reported revenue growth of 5% QoQ dollar, 0.4% above ours/street estimates driven by broad based growth across verticals and strong growth across client buckets.

The company reported strong growth in top 10 clients up 4% QoQ as well as non-top 10 clients up 5.7% QoQ limiting risk of client concentration. Growth in top 10 accounts validates their strong relationships with strategic clients and client mining ability.

Travel vertical is on path of recovery with up 12.5% QoQ, but it is several quarters away from full blown recovery with down 47% YoY growth.

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