Fundamental Result Update

Mindtree Q1FY20 Result Update



After factoring in dismal Q1FY20 results, we have cut our FY20E/21E estimates and now value the stock at 15x FY21E revised earnings, which yields a target price of Rs 742. At CMP of Rs 691, Mindtree is trading at FY20E and FY21E, P/E multiples of 18.3x and 14x respectively. We maintain our Hold rating on the stock, with a revised target price of Rs 742.


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