mindtree result updated
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8/2/2019 MindTree Result Updated
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Please refer to important disclosures at the end of this report 1
(` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy)Net revenue 526 520 1.2 391 34.4EBITDA 99 90 9.9 44 122.9
EBITDA margin (%) 18.7 17.3 149bp 11.3 744bp
PAT 69 61 13.8 32 113.4Source:Company, Angel Research
MindTree reported modest results for 4QFY2012, with OPM and PAT coming in
ahead of ours as well as streets expectations. The company reported a 4.9% qoq
increase in volumes. MindTree has been one of the good performers on the
revenue as well as margin front in the Indian IT mid-cap space, posting a 4.5%CQGR in its revenue over the past eight quarters. The company expects to post
average industry growth in FY2013. We maintain our Buy rating on the stock.Quarterly highlights: For 4QFY2012, MindTree reported USD revenue ofUS$105mn, up merely 1.3% qoq, due to a 3.6% pricing decline because of
bump-up in pricing in 3QFY2012, which got normalized in 4QFY2012. EBITDA
margin improved by 149bp qoq to 18.7%, largely on the back of gains derived
from lower employee costs. PAT came in at `69cr, up 13.8% qoq.
Outlook and valuation: MindTree derives most of its IT services business (~66% ofrevenue) from growth verticals such as manufacturing and travel and
transportation (T&T). BFSI vertical is witnessing slightly higher signs of pressureand caution. Management is confident that its IT services business would continue
its momentum and has given offers to 3,000 campus graduates for FY2013, who
are expected to join from May 2012. This would help MindTree to rationalize its
employee pyramid and cushion its margins. Management expects the PES
business to post almost double-digit revenue growth in FY2013. Overall, we
expect the company to record an 11.5% and 13.1% CAGR in USD and INR
revenue, respectively, over FY2012-14E. We expect the companys EBITDA
margin to increase from 15.3% in FY2012 to 16.0% in FY2013. Further, we
expect the company to record a 13.8% CAGR in its EBITDA over FY2012-14E. Wevalue the stock at 10x FY2014E EPS i.e., with a target price of `585, andmaintain our Buy rating on the stock.Key financials (Indian GAAP, Consolidated)Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014ENet sales 1,296 1,509 1,915 2,172 2,450% chg 4.7 16.4 26.9 13.4 12.8
Net profit 215 102 218 221 240% chg 310.8 (52.6) 114.6 1.3 8.3
EBITDA margin (%) 18.9 11.8 15.3 16.0 15.5
EPS (`) 54.4 24.9 53.7 53.9 58.5P/E (x) 9.0 19.6 9.1 9.1 8.4
P/BV (x) 2.9 2.6 2.1 1.7 1.4
RoE (%) 32.0 13.1 22.8 18.9 17.0
RoCE (%) 26.8 13.7 23.2 22.2 19.8
EV/Sales (x) 1.4 1.2 0.8 0.7 0.6
EV/EBITDA (x) 7.4 10.3 5.6 4.5 3.7
Source: Company, Angel Research
BUYCMP `488
Target Price `585
Investment Period 12 Months
Stock Info
Sector
Bloomberg Code
Shareholding Pattern (%)
Promoters 24.1
MF / Banks / Indian Fls 9.5
FII / NRIs / OCBs 17.7
Indian Public / Others 48.7
Abs. (%) 3m 1yr 3yr
Sensex 5.9 (11.5) 56.7
Mindtree 13.8 26.9 99.2
Face Value (`)
IT
Avg. Daily Volume
Market Cap (`cr)
Beta
52 Week High / Low
1,978
0.4
10
531/321
31,568
BSE SensexNifty
Reuters Code
MTCL@IN
17,1515,226
MINT.BO
Ankita Somani+91 22 39357800 Ext: 6819
ankita.somani@angelbroking.com
MindTreePerformance highlights
4QFY2012 Result Update | IT
April 16, 2012
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8/2/2019 MindTree Result Updated
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Mindtree | 4QFY2012Result Update
April 16, 201 2
Exhibit 1:4QFY2012 performance (Indian GAAP, Consolidated)
Y/E March (` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy) FY2012 FY2011 % chg (yoy)Net revenue 526 520 1.2 391 34.4 1,915 1,509 26.9Cost of revenue 318 332 (4.2) 273 16.3 1,248 1,015 23.0Gross profit 208 188 10.7 118 76.6 667 495 34.9
SG&A expenses 109 98 11.5 74 48.7 374 317 18.2
EBITDA 99 90 9.9 44 122.9 293 178 64.8Depreciation 17 17 (2.9) 18 (8.7) 70 71 (2.4)
EBIT 82 72 13.0 26 216.7 223 107 109.6
Interest expense 0 0 0 0 0
Other income 1 1 10 38 24
PBT 83 73 12.5 36 130.5 261 131 100.2
Income tax 14 13 6.3 4 288.6 43 29 49.3
PAT 69 61 13.8 32 113.4 218 102 114.6
Minority interest - - - - - - - -
Share in profit of associates - - - - - - - -
Adj. PAT 69 61 13.8 32 113.4 218 102 114.6EPS 16.8 14.9 12.7 7.9 112.5 54.1 24.9 117.5
Gross margin (%) 39.5 36.1 342bp 30.1 944bp 34.8 32.8 207bp
EBITDA margin (%) 18.7 17.3 149bp 11.3 744bp 15.3 11.8 351bp
EBIT margin (%) 15.5 13.9 162bp 6.6 895bp 11.7 7.1 460bp
PAT margin (%) 13.1 11.6 145bp 8.1 503bp 11.2 6.6 454bp
Source: Company, Angel Research
Exhibit 2:Actual vs. Angel estimates
(` cr) Actual Estimate % VarNet revenue 526 528 (0.4)
EBITDA margin (%) 18.7 17.7 104bp
PAT 69 55 24.4
Source: Company, Angel Research
Good performance yet again
For 4QFY2012, MindTree reported USD revenue growth of merely 1.3% qoq to
US$105mn, due to a 3.6% pricing decline because of bump-up in pricing in
3QFY2012 (due to one-time transition revenue realized from a package
implementation deal in Europe), which got normalized in 4QFY2012. Volume
growth, however, was strong at 4.9% qoq. In INR terms, revenue came in at
`526cr, up 1.2% qoq.
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8/2/2019 MindTree Result Updated
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Mindtree | 4QFY2012Result Update
April 16, 201 3
Exhibit 3:Trend in revenue growth (qoq)
Source: Company, Angel Research
Service verticals wise, the companys growth was led by traditional IT services and
its anchor service offerings such as application development (contributed 40.8% to
revenue), application maintenance (contributed 23.4% to revenue) and
independent testing (contributed 17.9% to revenue), revenue of which grew by
3.9%, 0.9% and 11.3% qoq, respectively. Revenue from discretionary services such
as consulting and IP licensing and package implementation declined by 6.8% and
27.1% qoq (such huge decline due to high base effect on account of one time-
revenue realization in 3QFY2012), respectively. Also, revenue from infrastructure
management and technical support service declined by 5.5% qoq during the
quarter.
Exhibit 4:Growth trend in service verticals
Particulars % to revenue % chg (qoq) % chg (yoy)Application development 40.8 3.9 15.8
Application maintenance 23.4 0.9 19.2
Consulting and IP licensing 4.6 (6.8) 40.0
Package implementation 3.6 (27.1) 37.0
Independent testing 17.9 11.3 22.5
Infrastructure mgmt. and tech. support 9.7 (5.5) 44.1
Source: Company, Angel Research
Industry wise, revenue from total IT services (ITS) during the quarter grew by 1.8%
qoq. In ITS, the major growth driver again was T&T, revenue of which grew by
8.7% qoq. Revenue from BFSI and manufacturing increased by 2.8% and 1.3%
qoq, respectively. Product engineering services (PES) reported merely a 0.4% qoq
increase in revenue during the quarter. Management indicated that PES business is
expected to post almost double-digit growth in FY2013. Management also
indicated that it is seeing increased signs of caution and pressure from its
BFSI clients.
86.3
92.5
101.3 103.7
105.0
1.2
7.3
9.5
2.3
1.3
0
1
2
3
4
5
6
78
9
10
60
70
80
90
100
110
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
(%)
(US$mn)
Revenue (US$ mn) qoq growth (%)
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8/2/2019 MindTree Result Updated
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Mindtree | 4QFY2012Result Update
April 16, 201 4
Exhibit 5:Growth trend in industry segments
Particulars % to revenue % chg (qoq) % chg (yoy)ITS
Manufacturing 15.4 1.3 17.2 BFSI 21.2 2.8 27.2
T&T 13.2 8.7 37.4
Others 17.4 (3.7) 52.4
PES 32.8 0.4 4.8
Source: Company, Angel Research
Geography wise, India and U.S. emerged as the major growth areas for the
company, as revenue from these regions grew by 5.5% and 3.3% qoq,
respectively, during the quarter.
Exhibit 6:Growth trend in geographies
Particulars % to revenue % chg (qoq) % chg (yoy)U.S. 57.3 3.3 16.3
Europe 27.7 (0.1) 54.0
India 7.5 5.5 1.5
Rest of World 7.5 (10.6) 0.4
Source: Company, Angel Research
Hiring and utilization
During 4QFY2012, gross and net addition of MindTree stood at 502 and 66,
respectively, taking its total employee base to 11,000. The company added 62 net
employees in software professionals, whereas sales and support employee base
witnessed addition of four people. Attrition rate (LTM basis) during the quarter
decreased to 18.2% in 4QFY2012 from 19.4% in 3QFY2012.
Management indicated that it has given ~3,000 campus offers for FY2013; the
joining ratio of these is expected to be 70-75% and most of these are expected to
join in 1HFY2012.
Exhibit 7:Employee metrics
Particulars 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12Software professionals 8,862 8,887 9,903 10,268 10,330
Sales and support 685 690 677 666 670
Total employee base 9,547 9,577 10,580 10,934 11,000
Gross addition 435 630 1,478 846 502
Net addition (124) 30 1,003 354 66
Attrition LTM (%) 25.1 25.6 21.7 19.4 18.2
Source: Company, Angel Research
Utilization level, excluding as well as including trainees, declined to 72.1% and
67.8% in 4QFY2012 from 75.8% and 68.3%, respectively, in 3QFY2012. The
company expects utilization level to move up going ahead, as strong fresher hiring
done in FY2012 will start turning billable.
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8/2/2019 MindTree Result Updated
5/12
Mindtree | 4QFY2012Result Update
April 16, 201 5
Exhibit 8:Utilization trend
Source: Company, Angel Research
Margin enhances
MindTree has been consistently improving its operating margins (excluding the
benefit from INR depreciation) by gaining operational efficiency from broadening
its employee pyramid. Currently, the number of employees with less than three
years of experience in the company stands at ~36% as against 30% at the starting
of FY2012. For 4QFY2012, MindTrees EBITDA and EBIT margins improved by
149bp and 162bp qoq to 18.7% and 15.5%, respectively, largely on the back of
gains derived from lower employee costs.
Exhibit 9:Margin profile
Source: Company, Angel Research
PAT came in above expectations at `69cr, up 13.8% qoq, on the back of healthy
operating performance. Forex loss stood at `4cr in 4QFY2012 vs. `2.5cr in
3QFY2012.
70.9
72.5
71.368.3 67.8
72.5 72.9
77.7
75.8
72.1
66
68
70
72
74
76
78
80
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
(%)
Ut ilisa tion - incl. t ra inees Ut ilisa tion - exc l. t ra inees
30.1 30.132.3
36.139.5
11.3 11.112.9
17.3 18.7
6.6 6.89.1
13.915.5
0
5
10
15
20
25
30
35
40
45
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
(%)
Gross margin EBITDA margin EBIT margin
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8/2/2019 MindTree Result Updated
6/12
Mindtree | 4QFY2012Result Update
April 16, 201 6
Client pyramid
MindTree added six new clients during 4QFY2012. The company added one new
client in the US$5mn-10mn revenue bracket and two clients in the
US$1mn-5mn revenue bracket.
Exhibit 10:Client metrics
Particulars 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12Active clients 277 283 270 258 237
New clients added 39 25 15 9 6
US$1mn-5mn 53 53 55 58 60
US$5mn-10mn 8 7 10 9 10
US$10mn plus 6 7 7 7 7
Source: Company, Angel Research
Outlook and valuation
MindTree derives most of its IT services business (~66% of revenue) from growth
verticals such as manufacturing (~15% to revenue) and T&T (~12% to revenue).
BFSI (~21% to revenue) vertical is witnessing slightly higher signs of pressure and
caution. Management is confident that its IT services business would continue its
momentum and has given offers to 3,000 campus graduates for FY2013, who are
expected to join from May 2012. This would help MindTree to rationalize its
employee pyramid and cushion its margins. Management expects the PES business
to post almost double-digit revenue growth in FY2013. MindTree also reiterated
the fact that guidance number of Infosys pointed out that growth in FY2013 is
expected to be back-ended and the first two quarters are expected to be muted.
Overall, we expect the company to record an 11.5% and 13.1% CAGR in USD and
INR revenue, respectively, over FY2012-14E.
On the margin front, MindTree has been doing well since the past few quarters to
rationalize its employee pyramid and cut down on SG&A. These moves by the
company as well as INR depreciation helped MindTree to improve its margins from
11.8% in FY2011 to 15.3% in FY2012. The move of rationalizing the employee
pyramid has helped the company shift its employee pyramid significantly, with
employees having less than three years of experience currently standing at ~36%
of the total employee base as against 30% at the starting of FY2012. Going
ahead, for FY2013, MindTrees margins would face headwinds of wage inflation,
which can be partially absorbed by tailwinds from factors such as improving
utilization level, effort shift offshore and lowering SG&A from current levels. Hence,
we expect the companys EBITDA margin to increase from 15.3% in FY2012 to
16.0% in FY2013. Further, we expect the company to record a 13.8% CAGR in its
EBITDA over FY2012-14E.
At the CMP of `488, the stock is trading at 8.4x FY2014E EPS of `58.5. We valuethe stock at 10x FY2014E EPS, i.e., with a target price of `585, and maintain ourBuy rating on the stock.
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8/2/2019 MindTree Result Updated
7/12
Mindtree | 4QFY2012Result Update
April 16, 201 7
Exhibit 11:Key assumptions
Particulars FY2013 FY2014Revenue growth-USD terms (%) 10.1 12.8
USD-INR rate 49.0 49.0Revenue growth-INR terms (%) 13.4 12.8
EBITDA margin (%) 16.0 15.5
Tax rate (%) 22.0 24.5
EPS growth (%) 0.4 8.4
Source: Company, Angel Research
Exhibit 12:One-year forward PE(x) chart
Source: Company, Angel Research
Exhibit 13:Recommendation summary
Company Reco. CMP Tgt. price Upside FY2014E FY2014E FY2011-14E FY2014E FY2014E(`) (`) (%) EBITDA (%) P/E (x) EPS CAGR (%) RoCE (%) RoE (%)
HCL Tech Buy 487 562 15.5 16.5 11.7 15.8 19.8 20.8
Hexaware Neutral 127 - - 18.3 12.2 53.4 24.1 21.6
Infosys Buy 2,369 2,792 17.8 30.6 13.6 13.4 22.8 20.8
Infotech Entp. Neutral 166 - - 16.8 9.1 12.9 16.6 13.2
KPIT Cummins Buy 76 98 28.9 14.9 7.0 (1.4) 20.0 18.0
Mahindra Satyam Accumulate 79 89 12.9 15.0 9.5 25.3 11.4 13.0
MindTree Buy 488 585 19.8 15.5 8.4 32.9 19.8 17.0Mphasis Accumulate 383 433 13.2 17.9 9.3 1.7 14.1 13.7
NIIT^ Buy 48 61 27.5 16.9 5.2 18.0 11.5 19.0
Persistent Accumulate 325 352 8.3 20.8 8.3 3.8 16.1 13.8
TCS Buy 1,070 1,360 27.1 28.9 15.3 16.1 30.6 29.9
Tech Mahindra Accumulate 711 750 5.5 15.7 8.2 20.8 12.9 18.0
Wipro Accumulate 421 463 10.0 19.3 13.9 11.8 14.1 19.3
Source: Company, Angel Research; Note: Valued on SOTP basis
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8/2/2019 MindTree Result Updated
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Mindtree | 4QFY2012Result Update
April 16, 201 8
Profit and loss statement (Indian GAAP, Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014ENet sales 1,296 1,509 1,915 2,172 2,450S/w development exp. 798 1,015 1,248 1,409 1,593% of net sales 61.6 67.2 65.2 64.9 65.0
Gross profit 498 495 667 763 857
% of net sales 38.4 32.8 34.8 35.1 35.0
SG&A expenses 252 317 374 415 478
% of net sales 19.5 21.0 19.5 19.1 19.5
EBITDA 246 178 293 349 379% of net sales 18.9 11.8 15.3 16.0 15.5
Depreciation 65 71 70 87 98
EBIT 180 107 223 262 281
Interest expense, net 3 0 - - -
Other income, net 77 24 38 22 37
Profit before tax 255 131 261 284 318
Provision for tax 40 29 43 62 78
% of PBT 15.6 22.1 16.4 22.0 24.5
PAT 215 102 218 221 240Minority interest - - - - -
Share in profit of associates - - - - -
Adj. PAT 215 102 218 221 240EPS (`) 54.4 24.9 53.7 53.9 58.5
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Mindtree | 4QFY2012Result Update
April 16, 201 9
Balance sheet (Indian GAAP, Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014ELiabilitiesShare capital 40 40 41 40 40
Application money - - - - -
Reserves and surplus 631 736 917 1,133 1,368
Total shareholders' funds 671 776 957 1,173 1,408Minority interest - - - - -
Secured loans - - 4 4 4
Unsecured loans 3 5 3 4 4
Total debt 3 5 7 8 8Total liabilities 674 781 964 1,181 1,416AssetsGross block - fixed asst. 515 562 671 819 899
Acc. depreciation 253 262 331 418 516
Net block 261 301 339 400 382
Capital WIP 25 3 9 12 15
Total fixed assets 286 303 348 412 398Goodwill 15 - - - -
Investments 127 111 308 350 400
Deferred tax assets, net 21 22 32 28 52
Current assetsSundry debtors 237 283 408 393 443
Cash and bank balance 52 46 60 85 179
Loans and advances 195 251 179 269 343
Total current assets 484 579 647 747 965
Less:- Current liabilitiesCurrent liabilities 211 181 298 274 306
Provisions 49 53 72 83 93
Net current assets 224 345 276 390 567Total assets 674 781 964 1,181 1,416
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8/2/2019 MindTree Result Updated
10/12
Mindtree | 4QFY2012Result Update
April 16, 201 10
Cash flow statement (Indian GAAP, Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014EPre-tax profit from operations 178 106 223 262 281
Depreciation 65 71 70 87 98
Pre tax cash from operations 243 178 293 349 379
Other income/prior period ad 77 24 38 22 37
Net cash from operations 320 202 331 371 416
Tax 40 29 43 62 78
Cash profits 280 173 288 308 338(Inc)/dec in
Current assets (11) (101) (53) (76) (124)
Current liabilities (48) (26) 136 (14) 42
Net trade working capital (59) (127) 83 (89) (82)
Cashflow from operating activities 221 46 371 219 256(Inc)/dec in fixed assets (55) (89) (114) (152) (83)
(Inc)/dec in investments (26) 16 (197) (42) (50)
(Inc)/dec in deferred tax assets (2) (0) (11) 4 (24)
(Inc)/dec in intangibles 131 15 - - -
(Inc)/dec in minority interest (33) - - - -
Cashflow from investing activities 15 (57) (321) (190) (157)Inc/(dec) in debt (136) 2 3 1 -
Inc/(dec) in equity/premium (82) 15 (33) (0) -
Dividends (14) (12) (5) (5) (5)
Cashflow from financing activities (232) 5 (35) (4) (5)Cash generated/(utilised) 4 (6) 14 25 94Cash at start of the year 49 52 46 60 85
Cash at end of the year 52 46 60 85 179
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Mindtree | 4QFY2012Result Update
April 16, 201 11
Key ratios
Y/E March FY2010 FY2011 FY2012 FY2013E FY2014EValuation ratio (x)P/E (on FDEPS) 9.0 19.6 9.1 9.1 8.4
P/CEPS 6.9 11.5 6.9 6.5 5.9
P/BVPS 2.9 2.6 2.1 1.7 1.4
Dividend yield (%) 2.4 2.0 0.8 0.8 0.8
EV/Sales 1.4 1.2 0.8 0.7 0.6
EV/EBITDA 7.4 10.3 5.6 4.5 3.7
EV/Total assets 2.7 2.4 1.7 1.3 1.0
Per share data (`)EPS 54.4 24.9 53.7 53.9 58.5
Cash EPS 70.9 42.3 70.8 75.7 83.0
Dividend 11.8 10.0 4.0 4.0 4.0
Book value 170 190 235 288 346
Dupont analysisTax retention ratio (PAT/PBT) 0.8 0.8 0.8 0.8 0.8
Cost of debt (PBT/EBIT) 1.4 1.2 1.2 1.1 1.1
EBIT margin (EBIT/Sales) 0.1 0.1 0.1 0.1 0.1
Asset turnover ratio (Sales/Assets) 1.9 1.9 2.0 1.8 1.7
Leverage ratio (Assets/Equity) 1.0 1.0 1.0 1.0 1.0
Operating ROE 32.0 13.1 22.8 18.9 17.0
Return ratios (%)RoCE (pre-tax) 26.8 13.7 23.2 22.2 19.8
Angel RoIC 39.7 17.2 38.0 35.7 34.2RoE 32.0 13.1 22.8 18.9 17.0
Turnover ratios (x)Asset turnover (fixed assets) 4.5 5.0 5.5 5.3 6.2
Receivables days 73 63 66 66 66
Payable days 114 71 70 71 70
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8/2/2019 MindTree Result Updated
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Mindtree | 4QFY2012Result Update
April 16 201 12
Research Team Tel: 022 - 3935 7800 E-mail: research@angelbroking.com Website: www.angelbroking.com
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Disclosure of Interest Statement MindTree
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
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