Buy LTIMindtree; target of Rs 5520: Anand Rathi

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Anand Rathi's research report on LTIMindtree

With revenue up 2.4% q/q (~1% from pass-throughs) to ~$1,047m, LTIMindtree grew on par with the industry and in line with our expectations. TCV was $1.25bn, a book-to-bill of 1.2x (Mindtree operated in the past at 1.2x). The EBIT margin was lower due to more Hi-tech furloughs, employee costs and integration costs which may not recur in Q4, leading to management guidance of a 200bp expansion in Q4. Attrition moved down further and industry tailwinds are likely to continue.

Outlook

Estimates are largely unchanged with a revised TP of Rs5,520 (from Rs5,630) at 26x (unchanged) FY25e.

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LTIMindtree - 23 -01-2023 - anand