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Prabhudas Lilladher
MindTree (Accumulate)
CMP: ₹814.20
Target: ₹850
MindTree (MTCL) has made investments in hiring the best of talents from the market leaders such as IBM, Cognizant, Infosys and IBM to lead the growth initiatives. Moreover, the company has also made investments in transforming the leaders internally. The management continues to remain confident of growth, as strategies are laid out for new deals. The company sharpened focus on few verticals, geographies, services and must have account to get better return on investment (RoI). The company sales team has been sharpened with more investments to tackle growth. The win rate for the company has improved from 1:12 (24 months back) to 1: 6 (last 6-12 months). We expect focus on selected few logos with high growth potential will give good RoI. We are downgrading MTCL to ‘Accumulate’ from ‘Buy’ as we see limited upside due to rich valuation.
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