Mindtree Q4 Review - On A Tear: Prabhudas Lilladher

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Prabhudas Lilladher Report

Mindtree Ltd. reported strong beat in revenue growth, +5.2% QoQ $ (PLe: 4.7%, Cons: 4%) driven by strong recovery in Travel (+17% QoQ $) and strong demand momentum in RCM (+9% QoQ $) and CMT (+4.1% QoQ $).

Growth ex-travel (most affected vertical by the pandemic) of 8.2% YoY in FY21 is commendable and reflects their broad-based capabilities and agility to turn around faster.

MTCL is experiencing strong traction in the Healthcare vertical and they will start reporting revenues in this vertical from Q1 FY22. They reported strong sequential growth in deal win TCV of $375 million, +20% QoQ, -5% YoY.

We believe MTCL can achieve industry leading growth in FY22 given

• Ability to drive strong broad-based growth ex-travel
• Healthy FY21 order book of $1.38 billion +12% YoY
• Strong deal win momentum anticipated for FY22
• Material addition of revenues from healthcare vertical
• Pick up in BFSI vertical

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