Mindtree shares down nearly 2% 3,888 each in early deals on Tuesday on the BSE after the IT company reported a 49% rise in its consolidated net profit from a year ago. 473 crore in the fourth quarter. Bengaluru-based software services firm’s revenue grew 37% year-on-year (YoY) and 5.4% on a sequential basis 2,897 crores.
,Mindtree Oppo reported strong revenue growth of 5.2% QoQ CC in line with our and above estimates, led by broad-based growth across most verticals. The company delivered industry leading organic growth. A strong 47% y-o-y in FY12 also indicates strong demand,” said analysts at Prabhudas Lilladher. The brokerage has a buy rating on Mindtree shares with a target price of Rs. 4,778.
Revenue in dollar terms was $383.8 million, up 4.8% sequentially and 33.2% from a year ago. Meanwhile, the firm’s attrition rate for the March quarter, on a 12-month basis, rose to 23.8% from 21.9% in the previous quarter.
“Management’s increased focus on annual revenue and strategic accounts is reflected in its revenue and customer mix. A strong outlook on strategic accounts, good deal signing, and the ability to maintain superior margins are major positives. Since major positives first We have been captured since then, we see limited upside after that,” said Motilal Oswal. It has a neutral rating on the stock with a target price of 4,230.
Keeping in mind the rich valuation, brokerage Emkay maintains a hold rating on the stock with a target price of 4,400 per share (from 4,300 earlier).
Emkay said, “The company remains confident of maintaining the momentum of revenue growth and delivering top quartile growth in FY23, while maintaining Ebitdam over 20% on the back of broad revenue growth, strong deal wins and a healthy deal pipeline.” have to keep.”
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