Buy Mindtree; target of Rs 1100: Anand Rathi
Anand Rathi’s research report on Mindtree
Mindtree reported $ 262m Q4 FY19 revenues (up 4.2% q/q,15.8% y/y), hitting $ 1bn for FY19, an arduous milestone for many mid-sized ITcompanies. In CC terms, it grew 3.9% q/q. Though the Q4 EBITDA margin slipped to 14.5% (down162bps q/q, 157bps y/y), it clocked 168bp growth for the full year, to15.2%.
Total dividend of `27 a share was declared in Q4, taking total payout for FY19 to 86%. No meaningful change in estimates/target. We retain our Buy call.
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