Emkay maintains "Hold" on Mindtree
Mindtree Ltd is confident about maintaining revenue growth momentum and delivering top quartile growth in FY23 (2022-23) while sustaining EBITDAM (Earnings Before Interest, Tax, Depreciation, Amortization and Marketing) over 20% on the back of broad-based revenue growth, strong deal wins, and a healthy deal pipeline. We raise our FY23E/24E (2022-23 estimates/2023-24 estimates) EPS (Earning per share) by 3.2%/3.5%, factoring in the Q4 performance and higher other income assumptions. Considering rich valuations, we maintain Hold rating on the stock with a target price of Rs 4,400 (Rs 4,300 earlier) at 33 times March 24E EPS.
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