{"id":8308,"date":"2015-10-14T17:44:10","date_gmt":"2015-10-14T12:14:10","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=8308"},"modified":"2015-10-15T17:21:13","modified_gmt":"2015-10-15T11:51:13","slug":"mindtree-ltd","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/mindtree-ltd\/8308","title":{"rendered":"MindTree Ltd."},"content":{"rendered":"<p style=\"text-align: justify;\">Incorporated in 1999, MindTree Ltd. operates in two segments, viz; production\u00a0engineering (PE) services and IT services. PE services include research and\u00a0development (R&amp;D) services and software product engineering (SPE). SPE\u00a0provides full life cycle product engineering, professional services and sustained\u00a0engineering services. IT Services offer consulting and implementation and post\u00a0production support for customers in manufacturing, financial services, travel\u00a0and leisure and other industries.<\/p>\n<p style=\"text-align: justify;\"><strong>Valuation and view<\/strong><\/p>\n<p style=\"text-align: justify;\">Mindtree plans to remain a single segment specialist\u00a0player and achieve strong client recall in the digital\u00a0vertical. The company means to continue focus on BFSI,\u00a0Travel and Transport, Hitech and Retail, CPG&amp;\u00a0Manufacturing verticals. Albeit, we expect strong revenue\u00a0growth, scope for improvement in utilisation to act as\u00a0tailwinds, were have factored in headwinds to margins in\u00a0FY16 owing to appreciating rupee. We expect the top-line\u00a0and bottom-line to grow at a CAGR of 17% and 14%\u00a0respectively by FY17E.<\/p>\n<p style=\"text-align: justify;\">\n<div class=\"blog-highlight\" style=\"clear: both; background: #2baae2; border: none; width: 60%; text-align: center; box-shadow: 0 5px 5px rgba(0, 0, 0, 0.5);\"><a style=\"text-decoration: none;\" href=\"http:\/\/www.fundsindia.com\/content\/jsp\/registration\/login.jsp?ref=blog-button\" target=\"_blank\"> <span style=\"color: #fff; font-weight: bold;\">Open<\/span> <span style=\"color: #fff; font-weight: bold; text-decoration: none;\"> a FREE Account Now! <\/span><\/a><\/div>\n<p>At the current market price (CMP) of Rs.1,529, the stock\u00a0trades at P\/E multiple of 21.5x FY16E and 18.2x FY17E.\u00a0We recommend \u2018BUY\u2019 with a target price of Rs. 1,680,\u00a0assigning a forward P\/E multiple of 20x, which implies a\u00a0potential upside of ~10% to the CMP from 12 months\u00a0perspective.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2015\/10\/Research-Report-MindTree-Ltd.pdf\">Research Report MindTree Ltd<\/a><\/p>\n<p style=\"text-align: justify;\"><i>Investments in equity shares, debentures, etc., are not obligations of, or guaranteed by Wealth India Financial Services Pvt. Ltd., and are subject to investment risks.\u00a0<a href=\"http:\/\/pages.fundsindia.com\/pages\/disclaimer-equities\/\">Click here<\/a>\u00a0to read our full disclaimer.<\/i><\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>Incorporated in 1999, MindTree Ltd. operates in two segments, viz; production\u00a0engineering (PE) services and IT services. PE services include research and\u00a0development (R&amp;D) services and software product engineering (SPE). SPE\u00a0provides full life cycle product engineering, professional services and sustained\u00a0engineering services. IT Services offer consulting and implementation and post\u00a0production support for customers in manufacturing, financial services, travel\u00a0and [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MindTree Ltd.<\/title>\n<meta name=\"description\" content=\"Find the latest research report on Mindtree Ltd. 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