In 4QFY19, Mindtree’s revenue grew by 2.9% QoQ to INR 18.4bn (CSEC estimate INR 18.2bn). Blended volumes rose by 5.6% QoQ while billing rate declined by 1.1% sequentially. Revenue from digital business grew by 3.8%/26.8% QoQ/YoY contributing 49.3% to total revenues.
Mindtree’s (MTCL) has given guidance of a sharp deceleration in revenue growth from 18% in US dollar in FY19 to a low-teen level in FY20. This may lead to a downward revision by part of the street which was expecting a mid-teen kind of number (we had been in the high single-digit camp).
Mindtree delivered a steady performance for Q3FY19 with below CC growth and inline margins and PAT. Retail & CPG vertical shown strong recovery during the quarter with digital remains the key driver for Incremental growth.
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