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Below are Quote on MIndtree Q1FY22 results by Mr. Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd   

MIndtree reported a 7.7% qoq growth in revenues to USD 310.5mn which was well above street estimates. In rupee terms revenue grew by 8.6% qoq to ₹2,291.7 crore while EBIDTA grew by 0.4% qoq to ₹464.5 crore. EBIDTA margins for the quarter contracted by 160bps qoq to 20.3% due to wage hikes. Net profit for the quarter grew by 8.2% qoq to ₹343.4 crore. During the quarter the company reported new deal wins of USD 504mn as compared to USD 375mn in Q4FY2021. During the quarter growth was broad based across all verticals with the travel & hospitality segment registering growth of 13.1% qoq. Retail, CPG & manufacturing and BFSI too registered strong sequential growth for the company. Post the better than expected set of numbers for Q3FY2021 we maintain our BUY rating on the stock with a target price of Rs. 2850.

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