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Mindtree: riding the digital technology wave

BL RESEARCH BUREAU:

Mindtree has reported a robust 16.4 per cent sequential growth in revenues – way ahead of the market’s expectation of 13.1 per cent. Excluding recent acquisitions, the revenue growth is still a good 8.1 per cent.

Mindtree’s recent strides in the digital business have aided this performance.

The digital business as represented by SMAC applications grew 23 per cent (9.6 per cent excluding new acquisitions) sequentially, contributing 36.6 per cent to the revenue.

Average deal sizes in the digital space improved from $220,000 in the March quarter to $448,000 in the September quarter indicating that after testing out the new applications, clients are employing Mindtree in the execution of these projects too. This clearly shows confidence in Mindtree’s execution capabilities. In the recent quarter, of the new orders signed of $193 million, $105 million was in the digital space. This is up from $63 million in the March quarter.