BSE: 532819 | NSE: MINDTREE | IT - Software | Mid Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Mindtree Ltd. - (Amalgamated) is a good quality company.
The key valuation ratios of Mindtree Ltd. - (Amalgamated)'s currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
No data found
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
Value Creation Index Colour Code Guide ⓘ
| Mar'13 | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 36.3% | 38.8% | 37.8% | 33% | 22.4% | 26.6% | 31.2% | 27.3% | 41.4% | 46.2% | - |
| Value Creation Index ⓘ | 1.6 | 1.9 | 1.8 | 1.5 | 0.7 | 1.0 | 1.3 | 1.0 | 2.7 | 3.1 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 2,362 | 3,032 | 3,562 | 4,673 | 5,236 | 5,463 | 7,022 | 7,764 | 7,968 | 10,525 | 12,169 |
| Sales YoY Gr. | - | 28.4% | 17.5% | 31.2% | 12.1% | 4.3% | 28.5% | 10.6% | 2.6% | 32.1% | - |
| Adj EPS ⓘ | 21.3 | 26 | 30.1 | 31.1 | 25.4 | 33.7 | 44.7 | 36.3 | 66.2 | 93.8 | 114.7 |
| YoY Gr. | - | 22% | 15.8% | 3.5% | -18.3% | 32.6% | 32.6% | -18.7% | 82.2% | 41.7% | - |
| BVPS (₹) ⓘ | 78.9 | 97.9 | 119.8 | 143.3 | 153.1 | 166 | 200.3 | 191.2 | 261.6 | 329.6 | 388.9 |
| Adj Net Profit ⓘ | 354 | 433 | 504 | 523 | 427 | 553 | 734 | 598 | 1,090 | 1,546 | 1,891 |
| Cash Flow from Ops. ⓘ | 266 | 322 | 598 | 421 | 654 | 564 | 631 | 825 | 1,996 | 1,537 | - |
| Debt/CF from Ops. ⓘ | 0.1 | 0 | 0 | 0.1 | 0.2 | 0.5 | 0 | 0 | 0 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 18.1% | 15% | 14.5% | 32.1% | ||||
| Adj EPS ⓘ | 17.9% | 29.8% | 28% | 41.7% | ||||
| BVPSⓘ | 17.2% | 16.6% | 18.1% | 26% | ||||
| Share Price | 17.7% | 37.4% | -6.9% | - | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'13 | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 31.2 | 29.3 | 27.6 | 23.6 | 17.1 | 20.8 | 24.3 | 18.5 | 29.2 | 31.6 | 31.9 |
| Op. Profit Mgn % ⓘ | 20.6 | 20.1 | 19.9 | 17.6 | 13.7 | 13.6 | 15.2 | 14 | 20.8 | 20.9 | 21 |
| Net Profit Mgn % ⓘ | 15 | 14.3 | 14.1 | 11.2 | 8.2 | 10.1 | 10.5 | 7.7 | 13.7 | 14.7 | 15.5 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 112 | 108 | 109 | 105 | 106 | 104 | 98 | 99 | 100 | 93 | 181 |
| Cash Conv. Cycle ⓘ | 63 | 61 | 56 | 47 | 48 | 48 | 47 | 50 | 45 | 31 | 118 |
No data to display
Return on Equity has declined versus last 3 years average to %
Sales growth has been subdued in last 3 years %
Net Profit has been subdued in last 3 years %
Sales growth is not so good in last 4 quarters at %
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 114.7 | 114.7 |
| TTM Sales (₹ Cr.) | 12,169 | 12,169 |
| BVPS (₹.) ⓘ | 343.8 | 388.9 |
| Reserves (₹ Cr.) ⓘ | 5,503 | 6,247 |
| P/BV ⓘ | 9.99 | 8.83 |
| PE ⓘ | 29.94 | 29.94 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 3381.00 / 3451.95 |
| All Time Low / High (₹) | 46.77 / 5059.15 |
| Market Cap (₹ Cr.) | 56,613 |
| Equity (₹ Cr.) | 164.9 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 29.3 |
| Dec'21 | YoY Gr. Rt. % | Mar'22 | YoY Gr. Rt. % | Jun'22 | YoY Gr. Rt. % | Sep'22 | YoY Gr. Rt. % | |
|---|---|---|---|---|---|---|---|---|
| Sales (₹ Cr.)ⓘ | 2,750 | 35.9 | 2,897 | 37.4 | 3,121 | 36.2 | 3,400 | 31.5 |
| Adj EPS (₹) ⓘ | 26.6 | 34 | 28.7 | 49 | 28.6 | 37.3 | 30.9 | 27.4 |
| Op. Profit Mgn % ⓘ | 21.53 | -159 bps | 20.99 | -94 bps | 21.09 | 82 bps | 20.49 | -3 bps |
| Net Profit Mgn % ⓘ | 15.91 | -22 bps | 16.33 | 129 bps | 15.11 | 13 bps | 14.96 | -46 bps |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Mindtree Ltd | Market Cap 45,006
CMP 2,495 | P/E 36x FY22,
Recommendation | Sell partially*/Hold (*Edited 21Jul'21)
Results: Mindtree Ltd reported 8.6% sales growth from previous quarter and 20% over previous year, operating profit (EBITDA) is up 0.4% sequentially and 33.5% year on year.
There was a drop in operating margin due to high headcount addition and higher visa costs due to resuming of business travel.
Click here to check 10 Year X-ray of Mindtree
Key highlights:
Outlook: As per the management, the company is focusing on reducing the revenue concentration of its top client gradually as can be seen in past quarters. It has initiated a program wherein it has focus accounts in its top 2-20 clients, where it has increased cross selling and up selling. It is confident that this strategy will help grow revenues further. Company’s order book has a mix of renewals and new deals but, majority of the deals were in the nature of an annuity, led by Communication and Retail verticals. The tenure of the deals is slightly longer than usual, helping the company maintain a multi-year order book.
The company is ramping up hiring to meet increased demand in the market. The management is confident of delivering industry leading growth in FY22. Along with a spike in demand, there is a supply side challenge, and hence the company is building capacity ahead of demand through extensive training. It is also undertaking additional employee engagement measures to check attrition.
MoneyWorks4me Opinion: Currently the acceleration in IT adoption by corporates, due to Covid disruption, has led to growth in order wins for IT services. This has been a positive surprise. IT services stocks have gone from value stocks to growth stocks due to better than expected earnings growth in the medium term.
We expect IT services companies to report mid-teen growth in sales over next 4-6 quarters. Beyond that, we expect growth will revert to long term average of 8-10% CAGR. We recommend Hold on Mindtree.
Mindtree Ltd | Market Cap 27,404
CMP 1,664 | P/E 22x FY22,
Recommendation | Hold
Results: Mindtree Ltd reported 5% sales growth from previous quarter and flat over previous year, operating profit (EBITDA) is up 23.5% over previous quarter and 47.1% over previous year.
Click here to check 10 Year X-ray of Mindtree
Key highlights:
Outlook: The deal win was strong during the quarter as company won $312 million deal crossing $1 bn year to date. The management sees strong business momentum across all verticals with a significant demand for cloud, data and analytics capabilities. Mindtree has been focusing on account mining (increase size of deals), multi-year annuity deals (better sales visibility at cost of margin).
MoneyWorks4me Opinion: Currently the acceleration in IT adoption by corporates, due to Covid disruption, has led to growth in order wins for IT services. This has been a positive surprise. IT services stocks have gone from value stocks to growth stocks due to better than expected earnings growth in the medium term.
We expect IT services companies to report mid-teen growth in sales over next 4-6 quarters. Beyond that, we expect growth will revert to long term average of 8-10% CAGR. We recommend Hold on Mindtree.
What has changed?
Larsen & Toubro completed takeover of MIndtree by buying out from large investors and announcing buyback offer to minority shareholders. We believe that L&T paid slightly higher than fair price as ‘control premium’ to buy out majority stake in the company.
Mindtree’s CEO, Chairman and Vice-chairman have resigned and co-founder Mr. Subroto Bagchi has chosen to not get re-elected on the board of Mindtree. These events are natural if key promoter changes, especially when co-founders ran the company until now and some other company took control of the company without negotiation. L&T had anticipated the wave of resignations and is scouting for right leaders for Mindtree. We believe that it will announce it soon.
Current price correction has nothing to do with resignation but gestation period till L&T as new promoter gets new leaders and builds relationship with Mindtree’s customers. There could be more resignation in top management; also L&T will also undertake several restructuring to eliminate redundancy, if any. We may see a few customers discontinuing Mindtree’s service contract as they might be associated with Mindtree putting their faith on co-founders rather than the company.
About the business
As of now L&T has indicated that they will keep Mindtree separate and try to employ strategies to improve operating margins. Mindtree is a good stand-alone business that can be run independently. Mindtree has obvious advantages in digital and data insights versus the L&T Infotech. We had expected that the management will try to integrate Mindtree with L&T Infotech and L&T Tech Services to leverage each other’s advantages. One of the companies has domain knowledge in enterprise business (Mindtree) while the other has manufacturing IT services advantage.
We are yet to see L&T way of operating with new workforce and culture. Prima facie it appears that L&T’s management style will be very aggressive versus Mindtree’s that can lead to little change company’s DNA.
Right time to buy?
We will keep an eye what changes it makes in terms of offering and client base. Until then we can’t make a guess on fair price for Mindtree. However, the core advantage of the company’s business won’t change which is low cost resource arbitrage with constant value added services. So if price gets too cheap, we can definitely take calculated risk assuming a very conservative forecast and valuation. We will not buy the stock just because it’s fallen as we don’t know impact on its fair price due to several ongoing events. As is, the stock isn’t cheap and trades close to fair value. Currently it trades at around 17x P/E ratio.
Currently if you wish to add any software exports exposure, you can consider stocks like Cyient & Persistent Systems. Infosys also trades at fair price, we may get it at a discount if fears of US slowdown leads to negative reaction.
Mindtree reported 27% growth in revenues and 60% growth in operating profit year on year.
Smaller sized IT companies can grow quite swiftly. Few decent size deals make a big difference in revenues. But this has its negatives also. Just few clients leaving dents profitability drastically. Also, since the company is smaller in size, concentration in Top 10% clients is very high which makes its revenues volatile.
Small size has its advantages. Smaller teams can be trained easily and this helps tremendously in ever changing industry like IT services.
However, costs are difficult to manage. Smaller IT companies have very little room to cut costs as certain fixed costs can’t be eliminated like Sales & general admin. Larger firms have scale advantages which helps them cut costs as fixed costs are spread over large revenue base.
Because of high operating leverage of smaller IT firms, like Mindtree, small favourable swing in currency leads to big profit margin expansion in short term. But if currency appreciates vs the dollar, profits fall steeply.
So for someone investing for long term, it’s preferable to invest in companies with stable revenue base; control over cost and lower number of variables like currency, etc. even if it comes at slightly lower returns. This will ensure business grows consistently and compound the capital rather than occasional large returns.
Occasional volatility in prices will always happen in companies with many variables, this could have unpredictable returns. Hence, these companies usually trade at PE lower than the industry.
Currently, the stock trades at 2 year forward price and we expect time correction over some period. We maintain Hold for now. We will evaluate the stock after two more quarters to determine if earnings growth numbers need to revised upwards.
Mindtree: Party over, rationality returns
Mindtree, IT consulting firm, reported a consolidated net profit of Rs. 123.5 crore for the quarter ended 30th June, 2016 registering a decline of 7.14% qoq and 3.74% yoy. The Company’s revenue stood at Rs.1327.6 crore rising 0.55% qoq and 35.82% yoy.
It’s consolidated operating profit of Rs.195.1 crore for the quarter declined 11.56% qoq but rose 16.69% yoy. The operating profit margin for the current quarter came in at 14.70% , declining 201bps qoq and 240bps yoy.
Our subscribers would remember our analyst note on 05/February/2016:
“At current price of Rs1535/share (Rs 767/share after bonus), the market is factoring highly optimistic ~21% CAGR growth in revenues over next two years and comfortable PAT margins in range of 14%. Mindtree Ltd appears to be a figure among ciphers as large cap peers are clocking much slower revenue growth rates. This explains the bullish sentiment around the stock.
As per our estimates, we believe that the stock trades at 16.6X FY2018E EPS much ahead of its relative and historical P/E multiple of 12-14X. We believe that the stock price has captured the most optimist estimates and provides very limited upside but significant downside (15-18%).”
Today the stock has corrected 20% since our SELL call and now trades at our MRP of Rs. 585/share.
Mindtree Ltd reported sector leading revenue growth rate in recent past. In recent quarter ending Dec-16, USD revenues grew 2.3% QoQ to ~$180mn. Constant currency revenues grew 3% QoQ. However, EBIT margins declined by almost 100 bps QoQ and >200 bps YTD due to margin dilutive acquisitions, wage increase (read increased onshore mix) and Chennai Floods.
Mindtree Ltd won deals worth ~$200mn in Q3 taking total deal book to $769mn on TTM basis from $717mn at the end quarter ending Sep-15 and $646mn, $509mn in FY15, FY14 respectively.
We strongly believe the company has capability to win digital projects as well as Infrastructure Management Services (IMS). We expect the company to report industry leading revenue growth rate in future through organic and inorganic route.
However, we are of opinion that the growth is coming at the cost of margins and aggressive acquisitions. 9MFY16 EBIT margins have come down off >200 bps YoY. The SG&A expenses are at ~21% of revenues as compared to average 14-15% of revenues of large cap IT companies. Large revenue base of Top IT companies give them economies of scale to achieve EBIT margins in excess of 22-24%. As highlighted in our previous analysts notes, digital spends are of shorter duration and small size as of now. This will keep the SG&A costs high for smaller companies elevated as a % of revenues. We do believe that going forward the company can achieve some sales efficiency when the deal size starts increasing to multimillion dollars.
At current price of Rs1535/share, the market is factoring highly optimistic ~21% CAGR growth in revenues over next two years and comfortable PAT margins in range of 14%. Mindtree Ltd appears to be a figure among ciphers as large cap peers are clocking much slower revenue growth rates. This explains the bullish sentiment around the stock.
As per our estimates, we believe that the stock trades at 16.6X FY2018E EPS much ahead of its relative and historical P/E multiple of 12-14X. We believe that the stock price has captured the most optimist estimates and provides very limited upside but significant downside (15-18%).
We recommend SELLing upto 50% of allocation in the stock.
| Company Name | CMP(₹) | |||||||
|---|---|---|---|---|---|---|---|---|
| Mphasis | 2,377.1 | -97.4 (-3.9%) | Mid Cap | 13,279 | 86.8 | 11.6 | 28.5 | 5.2 |
| Persistent Systems | 4,844.2 | -471.1 (-8.9%) | Mid Cap | 9,822 | 85.7 | 11.1 | 62 | 13.8 |
| L&T Technology Serv. | 4,423.8 | -212.1 (-4.6%) | Mid Cap | 9,647 | 122.5 | 13.1 | 37.9 | 8.3 |
| Coforge | 7,215.7 | -544.7 (-7%) | Mid Cap | 9,179 | 115.8 | 9.1 | 67 | 8.3 |
| Oracle Finl. Service | 7,541 | -226.9 (-2.9%) | Mid Cap | 6,373 | 264.3 | 35 | 29.4 | 8.9 |
| Tata Technologies | 682.2 | -6 (-0.9%) | Mid Cap | 5,117 | 15.9 | 13.3 | 43.3 | 8.3 |
| KPIT Technologies | 1,251.7 | -60.9 (-4.6%) | Mid Cap | 4,872 | 27.7 | 12.1 | 47.4 | 13.3 |
| Tata Elxsi | 5,211.3 | -20.3 (-0.4%) | Mid Cap | 3,552 | 130 | 22.1 | 40.3 | 12.1 |
| PARTICULARS | Mar'13 | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,361.80 | 3,031.60 | 3,561.90 | 4,673 | 5,236.40 | 5,462.80 | 7,021.50 | 7,764.30 | 7,967.80 | 10,525.30 |
| Operating Expenses ⓘ | 1,909.40 | 2,421.60 | 2,852.70 | 3,852 | 4,531.90 | 4,722.30 | 5,957 | 6,682.80 | 6,311.10 | 8,329.70 |
| Manufacturing Costs | 53.70 | 65 | 80.20 | 186.80 | 124.50 | 122 | 260.70 | 192.10 | 200.70 | 281.80 |
| Material Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Employee Cost | 1,427.40 | 1,782 | 2,071 | 2,799.10 | 3,412.50 | 3,564.10 | 4,421.20 | 5,064.70 | 5,113.20 | 6,327.80 |
| Other Costs ⓘ | 428.30 | 574.60 | 701.50 | 866.10 | 994.90 | 1,036.20 | 1,275.10 | 1,426 | 997.20 | 1,720.10 |
| Operating Profit ⓘ | 452.40 | 610 | 709.20 | 821 | 704.50 | 740.50 | 1,064.50 | 1,081.50 | 1,656.70 | 2,195.60 |
| Operating Profit Margin (%) | 19.2% | 20.1% | 19.9% | 17.6% | 13.5% | 13.6% | 15.2% | 13.9% | 20.8% | 20.9% |
| Other Income ⓘ | 35 | 49.60 | 83.50 | 83.90 | 55.30 | 190.20 | 89.30 | 75.60 | 151.70 | 307.30 |
| Interest ⓘ | 1 | 0.40 | 0.10 | 16 | 19.10 | 16.90 | 2.90 | 52.90 | 50.40 | 50.20 |
| Depreciation ⓘ | 62.40 | 80.90 | 101.80 | 165.80 | 185.80 | 171.50 | 164.10 | 275.40 | 259.60 | 242 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 424 | 578.30 | 690.80 | 723.10 | 554.90 | 742.30 | 986.80 | 828.80 | 1,498.40 | 2,210.70 |
| Tax ⓘ | 84.70 | 127.50 | 154.50 | 170.60 | 136.30 | 172.20 | 232.70 | 197.90 | 387.90 | 557.80 |
| Profit After Tax | 339.30 | 450.80 | 536.30 | 552.50 | 418.60 | 570.10 | 754.10 | 630.90 | 1,110.50 | 1,652.90 |
| PAT Margin (%) | 14.4% | 14.9% | 15.1% | 11.8% | 8.0% | 10.4% | 10.7% | 8.1% | 13.9% | 15.7% |
| Adjusted EPS (₹) | 20.4 | 27.0 | 32.0 | 32.9 | 24.9 | 34.8 | 45.9 | 38.3 | 67.4 | 100.3 |
| Dividend Payout Ratio (%) | 15% | 23% | 27% | 49% | 40% | 32% | 72% | 34% | 37% | 37% |
| PARTICULARS | Mar'13 | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 1,308.90 | 1,633.70 | 2,004.60 | 2,404.20 | 2,572 | 2,721.30 | 3,289.60 | 3,146.70 | 4,309.20 | 5,431.90 |
| Share Capital ⓘ | 41.50 | 41.70 | 83.70 | 167.80 | 168 | 163.90 | 164.20 | 164.60 | 164.70 | 164.80 |
| Reserves ⓘ | 1,267.40 | 1,592 | 1,920.90 | 2,236.40 | 2,404 | 2,557.40 | 3,125.40 | 2,982.10 | 4,144.50 | 5,267.10 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 24.90 | 2.70 | 2.30 | 43.30 | 99.10 | 300.90 | 0.50 | 0 | 0 | 0 |
| Long Term Debt | 3.20 | 2.70 | 2.30 | 1.80 | 1.30 | 0.90 | 0.50 | 0 | 0 | 0 |
| Short Term Debt | 21.70 | 0 | 0 | 41.50 | 97.80 | 300 | 0 | 0 | 0 | 0 |
| Trade Payables | 18.90 | 8.20 | 122.70 | 189 | 165.10 | 171 | 213.10 | 255.40 | 267.60 | 535.70 |
| Others Liabilities ⓘ | 302.30 | 414.60 | 480.40 | 599.50 | 492 | 511.50 | 637 | 1,571 | 1,749.50 | 2,189.70 |
| Total Liabilities ⓘ | 1,655 | 2,059.20 | 2,610 | 3,236 | 3,328.20 | 3,704.70 | 4,140.20 | 4,973.10 | 6,326.30 | 8,157.30 |
Fixed Assets | ||||||||||
| Gross Block | 640.70 | 784.60 | 1,080.30 | 1,800.20 | 1,821.10 | 1,902 | 2,050.50 | 2,697.40 | 2,790.40 | 3,029 |
| Accumulated Depreciation | 381.80 | 441 | 524.80 | 638.20 | 799.10 | 945.20 | 1,083.60 | 1,288.20 | 1,514.60 | 1,653.80 |
| Net Fixed Assetsⓘ | 258.90 | 343.60 | 555.50 | 1,162 | 1,022 | 956.80 | 966.90 | 1,409.20 | 1,275.80 | 1,375.20 |
| CWIP ⓘ | 57.10 | 49.60 | 35.40 | 23.20 | 19.20 | 9.20 | 29.70 | 13.60 | 22.40 | 21.50 |
| Investmentsⓘ | 425.70 | 533.50 | 535.10 | 232.80 | 592.70 | 726.40 | 803.60 | 774.80 | 2,046.80 | 2,550.70 |
| Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.10 |
| Trade Receivables | 450.80 | 600.40 | 696.30 | 972.80 | 896.20 | 1,015.50 | 1,335.60 | 1,438.90 | 1,274.20 | 1,731.30 |
| Cash Equivalents | 125.20 | 118.40 | 376.30 | 233.20 | 250.80 | 328.90 | 256.20 | 587 | 759.70 | 1,051.30 |
| Others Assetsⓘ | 337.30 | 413.70 | 411.40 | 612 | 547.30 | 667.90 | 748.20 | 749.60 | 947.40 | 1,423.20 |
| Total Assets ⓘ | 1,655 | 2,059.20 | 2,610 | 3,236 | 3,328.20 | 3,704.70 | 4,140.20 | 4,973.10 | 6,326.30 | 8,157.30 |
| PARTICULARS | Mar'13 | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 266.40 | 321.90 | 598.30 | 421.40 | 653.50 | 564.40 | 630.50 | 825.10 | 1,996 | 1,537 |
| PBT ⓘ | 424 | 578.30 | 690.80 | 723.10 | 554.90 | 742.30 | 986.80 | 828.80 | 1,498.40 | 2,210.70 |
| Adjustment ⓘ | -0.40 | 49.90 | 58.60 | 143.80 | 154 | 68.60 | 105.20 | 314.40 | 212.60 | 184.10 |
| Changes in Working Capital ⓘ | -60.3 | -176.6 | 2.8 | -251.6 | 121.7 | -83.3 | -236 | -154.1 | 601.8 | -311.4 |
| Tax Paid ⓘ | -96.90 | -129.70 | -153.90 | -193.90 | -177.10 | -163.20 | -225.50 | -164 | -316.80 | -546.40 |
| Cash Flow From Investing Activity ⓘ | -191.90 | -224.40 | -209.80 | -425.70 | -453.30 | -200 | -193.30 | -22.90 | -1,183.30 | -686 |
| Capex | -105.70 | -151.70 | -198.70 | -131.50 | -84.60 | -101.10 | -170.80 | -122 | -61.90 | -197.20 |
| Net Investments | -104.10 | -94.90 | 27 | -296.60 | -327.90 | -87.70 | -30.10 | 85.80 | -1,184.10 | -408.50 |
| Others ⓘ | 17.90 | 22.20 | -38.10 | 2.40 | -40.80 | -11.20 | 7.60 | 13.30 | 62.70 | -80.30 |
| Cash Flow From Financing Activityⓘ | -12.50 | -111.30 | -137.60 | -172 | -137.60 | -287.50 | -522.10 | -696 | -422.50 | -595.70 |
| Net Proceeds from Shares ⓘ | 32.20 | 6.30 | 6.70 | 2.40 | 0.80 | 0.10 | 0.30 | 0.40 | 0.10 | 0.10 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | -0.40 | -0.50 | -0.50 | 0 |
| Interest Paid ⓘ | -1.10 | -0.50 | -0.10 | -0.30 | -0.20 | -5.40 | -4 | -52.90 | -50.40 | -50.20 |
| Dividend Paid ⓘ | -21.40 | -92.40 | -143.80 | -215.10 | -193.40 | -214.20 | -218 | -594 | -288 | -452.80 |
| Others ⓘ | -22.20 | -24.70 | -0.40 | 41 | 55.20 | -68 | -300 | -49 | -83.70 | -92.80 |
| Net Cash Flow ⓘ | 62 | -13.80 | 250.90 | -176.30 | 62.60 | 76.90 | -84.90 | 106.20 | 390.20 | 255.30 |
| PARTICULARS | Mar'13 | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 30.01 | 30.64 | 29.48 | 25.06 | 16.82 | 21.54 | 25.09 | 19.6 | 29.79 | 33.94 |
| ROCE (%) | 36.31 | 38.8 | 37.76 | 33.04 | 22.35 | 26.55 | 31.17 | 27.28 | 41.43 | 46.17 |
| Asset Turnover Ratio | 1.6 | 1.63 | 1.53 | 1.6 | 1.6 | 1.55 | 1.79 | 1.7 | 1.41 | 1.45 |
| PAT to CFO Conversion(x) | 0.79 | 0.71 | 1.12 | 0.76 | 1.56 | 0.99 | 0.84 | 1.31 | 1.8 | 0.93 |
| Working Capital Days | ||||||||||
| Receivable Days | 66 | 63 | 66 | 65 | 65 | 64 | 61 | 65 | 62 | 52 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
MindTree was incorporated in the year 1999 by a group of 10 industrial professionals who came from Cambridge Technology Partners, Lucent Technologies and Wipro and this team was led by Ashok Soota. Mindtree has formed successful business and technology alliances with big companies like Microsoft, Hewlett Packard, Oracle, Bluettooth SIG, Intel, IBM, SAP, Orange, Sun Microsystems and many more.
Mindtree is a public limited company incorporated and domiciled in India and has its registered office at Bengaluru, Karnataka, India and has offices in India and in various foreign countries. The company has its primary listings on the Bombay Stock Exchange and National Stock Exchange in India. The company is structured into four industry verticals - Retail, CPG and Manufacturing (RCM), Banking, Financial Services and Insurance (BFSI), High Technology and Media (Hi-tech) (erstwhile Technology, Media and Services-TMS) and Travel and Hospitality (TH). The company became a subsidiary of Larsen & Toubro Limited (L&T) with effect from July 2, 2019.
Business area of the company
Mindtree is an international Information Technology consulting and implementation company that delivers business solutions through global software development. The company offers services in the areas of agile, analytics and information management, application development and maintenance, business process management, business technology consulting, cloud, digital business, independent testing, infrastructure management services, mobility, product engineering and SAP services.
Services offered by the company
Digital
Operations
IT Consulting
Engineering R&D
Enterprise Software
Products of the company
Awards
2013
2014
2015
2016
2017
2018
2019
2020
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
Make an informed decision for Stocks
Invest using an intelligent system with powerful data-driven tools that help you identify opportunities and make informed buy-hold-sell decisions
Buy quality Stocks when they are available at reasonable prices and supported by an upward price trend and Sell when they are Overvalued using the Decizen Rating System. Covers 3500+ stocks
100% Secure Process
Account Discovery
- OTP from CAMS
Account Linking for Stocks & MF
- One OTP per link Eg. NSDL, CDSL, CAMS, KFin etc.
One Click Upload for your Current Portfolio and Future Transactions!
Don't miss out! First 10 users today get it FREE
With this 4 hrs Masterclass, you’ll be able to:
Download APP
