{"id":11346,"date":"2022-07-16T14:54:30","date_gmt":"2022-07-16T09:24:30","guid":{"rendered":"https:\/\/blogs.univest.in\/?p=11346"},"modified":"2022-10-13T12:42:40","modified_gmt":"2022-10-13T07:12:40","slug":"mindtree-q1fy23-results-beats-market-forecasts","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/mindtree-q1fy23-results-beats-market-forecasts\/","title":{"rendered":"Mindtree Q1FY23 results beats market forecasts with a 37% YoY rise in top and bottom line"},"content":{"rendered":"<p>Mindtree provides digital transformation and technology services from planning to completion, allowing Global 2000 clients to outperform their competitors. Their extensive knowledge of infrastructure and application management transforms IT into a strategic asset.<\/p>\n<p>Mindtree is now owned by L&amp;T and employs over 37,400 talented and entrepreneurial professionals in 24 countries. L&amp;T took over Mindtree in 2019 and owns 61% of the Mindtree shares. Mindtree quarterly results for Q1FY23 were released on 13<sup>th<\/sup> July 2022 and is the third IT major to do so after TCS and HCL Tech, which can be found on our website.<\/p>\n<p>Mindtree results have partially followed the trend in the<a href=\"https:\/\/univest.in\/it-sector-expectations-in-q1fy23\/\"> IT sector<\/a> that was followed by both TCS and HCL Tech in their Q1FY23 results. High attrition rate is the bane of almost every other company in the IT sector. Despite high attrition, Mindtree reported a robust double-digit YoY growth in profits of Q1FY23. Let&#8217;s now evaluate Mindtree&#8217;s Q1 results and talk about its future course by analysing the most recent brokerage house updates.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/mindtree-q1fy23-results-beats-market-forecasts\/#Mindtree_Q1FY23_results_362_YoY_increase_in_revenues\" title=\"Mindtree Q1FY23 results: 36.2% YoY increase in revenues\">Mindtree Q1FY23 results: 36.2% YoY increase in revenues<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/mindtree-q1fy23-results-beats-market-forecasts\/#Mindtree_Q1_result_robust_373_YoY_jump_in_Profits_of_Q1FY23\" title=\"Mindtree Q1 result: robust 37.3% YoY jump in Profits of Q1FY23\u00a0\">Mindtree Q1 result: robust 37.3% YoY jump in Profits of Q1FY23\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/mindtree-q1fy23-results-beats-market-forecasts\/#Mindtree_Q1_results_Highest_ever_order_book_570_Million_Mega_Merger_with_LTI_in_Q1FY23\" title=\"Mindtree Q1 results Highest ever order book $570 Million &amp; Mega Merger with LTI in Q1FY23\">Mindtree Q1 results Highest ever order book $570 Million &amp; Mega Merger with LTI in Q1FY23<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/mindtree-q1fy23-results-beats-market-forecasts\/#Announcement_of_mega_merger_of_Mindtree_with_L_T_Infotech\" title=\"Announcement of mega merger of Mindtree with L&amp;T Infotech\">Announcement of mega merger of Mindtree with L&amp;T Infotech<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/mindtree-q1fy23-results-beats-market-forecasts\/#Technical_analysis_of_Mindtree\" title=\"Technical analysis of Mindtree\">Technical analysis of Mindtree<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/mindtree-q1fy23-results-beats-market-forecasts\/#Our_view\" title=\"Our view\">Our view<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/mindtree-q1fy23-results-beats-market-forecasts\/#About_the_Author\" title=\"About the Author\">About the Author<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Mindtree_Q1FY23_results_362_YoY_increase_in_revenues\"><\/span><strong>Mindtree Q1FY23 results: 36.2% YoY increase in revenues<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Mindtree reported that their revenue from operations increased 36.2% YoY to Rs 3,121.1 crore in the Q1FY23 as against Rs 2,291.7 crore in Q1FY22. While it grew 7.7% QoQ from Rs 2,897 crores in Q4FY22 to Rs 3121 crores in Q1FY23.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-11354 size-full\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/07\/MT1.png\" alt=\"mindtree share price\" width=\"940\" height=\"474\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MT1.png 940w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MT1-300x151.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MT1-768x387.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/p>\n<p>While in constant currency terms, Mindtree&#8217;s revenue was up 28.6% YoY and 4% QoQ at $399.3 million, its EBITDA margins stood at 21.1%. The revenue is derived from solutions for different industries. From the graphic it can be seen that Hi-Tech &amp; Media is the largest contributor of revenue and is followed by retail and<\/p>\n<p>BFSI. In Q1FY23 share of BFSI (Banking, financial services and insurance) increased from below 10% in last four quarters to 15.4% in Q1FY23.<\/p>\n<h2><img decoding=\"async\" class=\"aligncenter wp-image-11355 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/07\/MT2-1024x518.png\" alt=\"mindtree share price\" width=\"1024\" height=\"518\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MT2-1024x518.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MT2-300x152.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MT2-768x389.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MT2-1536x777.png 1536w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MT2.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Mindtree_Q1_result_robust_373_YoY_jump_in_Profits_of_Q1FY23\"><\/span>Mindtree Q1 result: robust 37.3% YoY jump in Profits of Q1FY23<strong>\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Mindtree reported a 37.3% YoY jump in consolidated net profit at Rs 471 crore for the Q1FY23. The company had reported a net profit of Rs 343 crore for Q1FY22. Sequentially, Mindtree&#8217;s profit dropped marginally from Rs 473.1 crore in Q4FY22 to Rs 471 crores in Q1FY23.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-11356 size-full\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/07\/MD3-1.png\" alt=\"mindtree biggest merger\" width=\"940\" height=\"482\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD3-1.png 940w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD3-1-300x154.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD3-1-768x394.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/p>\n<p>In terms of employee headcount, Mindtree stated that it had 37,455 professionals as of June 30, 2022. Its trailing 12 months attrition was 24.5%. The attrition rate is high and is similar to the other IT firms as seen in <a href=\"https:\/\/univest.in\/tcs-share-price-drops-4-following-lower-than-expected-q1fy23-results\/\">TCS<\/a> &amp; HCL. This will create margin pressure in the H1FY23 for all IT firms but in the long run, it is expected to settle down.<\/p>\n<p>The company&#8217;s significant pay increase headwind, in the management&#8217;s opinion, is now behind it, and solid revenue growth will greatly mitigate future margin pressure. To assure the contracts are delivered on schedule, the management also stated that it would keep hiring new personnel.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-11351 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/07\/MD4-1024x524.png\" alt=\"Mindtree Q1 results \" width=\"1024\" height=\"524\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD4-1024x524.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD4-300x153.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD4-768x393.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD4-1536x785.png 1536w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD4.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mindtree_Q1_results_Highest_ever_order_book_570_Million_Mega_Merger_with_LTI_in_Q1FY23\"><\/span>Mindtree Q1 results Highest ever order book $570 Million &amp; Mega Merger with LTI in Q1FY23<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Commenting on the financial results, Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree, said, \u201cWe are excited to report a strong start to FY23 with robust revenue growth, solid margin, and a record order book, demonstrating our continued industry-leading growth momentum.&#8221;<\/p>\n<p>This is because the company also saw its highest-ever order book at $570 million. Moreover, it has an active client base of 274 as of June 30, 2022. $10 million+ clients increased by 3, total 35, while $20 million+ clients increased by 4, total 18 in Q1FY23. A leading U.S.-based airline chose Mindtree as a preferred digital product development partner.<\/p>\n<p>As part of the multiyear deal, Mindtree will help the airline accelerate growth by transforming its core systems and digital channels. Apart of them a leading healthcare technology provider, a leading hyperscaler, a leading global specialty insurance and reinsurance company, a leading audio technology company &amp; an Australian wealth management have selected Mindtree for multi year deals.<\/p>\n<h2><strong><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-11352 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/07\/MD5-1024x520.png\" alt=\"Mindtree Q1 results \" width=\"1024\" height=\"520\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD5-1024x520.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD5-300x152.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD5-768x390.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD5-1536x779.png 1536w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD5.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/strong><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Announcement_of_mega_merger_of_Mindtree_with_L_T_Infotech\"><\/span><strong>Announcement of mega merger of Mindtree with L&amp;T Infotech<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The two subsidiaries of Larsen &amp; Toubro (Mindtree and LTI) had in the beginning of May announced a mega-merger to create an efficient and scaled-up IT services provider, exceeding USD 3.5 billion in combined revenue. The name of the combined entity will be &#8216;LTI Mindtree&#8217;. The merger could help unlock potential scale and fight for mega deal wins with other IT giants. The merger is expected to be completed in all respects by December. This is probably one of the last few quarters that Mindtree is reporting its numbers as a standalone entity. Starting with Q3FY23 or Q4FY23, the results would be of the consolidated entity of Mindtree and LTI.<\/p>\n<p>After the two firms announced a merger in an all-stock amalgamation of Mindtree with LTI, shares of LTI and Mindtree fell as much as 5% in intraday trade on the BSE on 6th May. According to the share swap ratio in return for their 100 Mindtree shares, shareholders will receive 73 shares of LTI. The merged company will become the fifth largest IT services company in India with a combined Market Cap of $18 bn, surpassing Tech Mahindra.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Technical_analysis_of_Mindtree\"><\/span>Technical analysis of Mindtree<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Mindtree share has been seen in consolidation phase in the last two month. Before that Mindtree stock has seen a sharp correction in the beginning of year, which was along the linesof other IT peers. On the next day after the announcement of its Q1FY23 result, Mindtree share price fell more than 3%.<\/p>\n<p>Mindtree was in consolidation before announcement of Q1 results, with Rs 2720 as immediate support and Rs 3181 as immediate resistance, Its further direction will be determined whether it heads lower breaking the support level or heads higher out of the resistance level.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-11359 size-full\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/07\/MD6-1.png\" alt=\"Mindtree Q1 results \" width=\"944\" height=\"392\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD6-1.png 944w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD6-1-300x125.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/07\/MD6-1-768x319.png 768w\" sizes=\"(max-width: 944px) 100vw, 944px\" \/><\/p>\n<p>According to analysts at Edelweiss Securities, Mindtree posted strong Q1FY23 numbers. They said \u201cMindtree and LTI\u2019s merger is progressing well. We believe a successful integration can create strong cross-selling opportunities. Overall growth and TCV were strong,\u201d. The brokerage maintains a \u2018Buy\u2019 call on the IT services stock with an unchanged Mindtree share price target of Rs 4,917.<\/p>\n<p>Analysts at ICICI Securities said that Mindtree\u2019s Q1FY23 print was strong on all fronts including six consecutive quarters of &gt;5% QoQ CC growth and maintained \u2018hold\u2019 rating on the Mindtree stock. Whereas Motilal Oswal maintained a \u201cneutral\u201d rating on the Mindtree stock.<\/p>\n<p>Shah said, &#8220;The company reported strong performance in 1QFY23 beating our estimates across all parameters. We expect the company to report healthy revenue due to strong deal pipeline and strong order book. The revenue contribution from top clients increased by 110bps QoQ to 26% which is high compared to the mid-cap peer group. At present, we have SELL rating on the stock.&#8221;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Our_view\"><\/span>Our view<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>\u00a0<\/strong>As Mindtree declared better than expected results for Q1FY23 despite margin pressures due to rising attrition rate and severe macro headwinds, existing investors can maintain positive view on the Mindtree stock in the long run. Moreover, the merger of LTI &amp; Mindtree may see near term risk offsetting the long-term opportunity accruing from the larger entity.<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"About_the_Author\"><\/span>About the Author<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Ketan Sonalkar (SEBI Rgn No INA000011255)<\/p>\n<p>Ketan Sonalkar is a certified SEBI registered investment advisor and head of research at <a href=\"https:\/\/univest.in\/\">Univest<\/a>. He is one of the finest financial trainers, with a track record of having trained more than 2000 people in offline and online models. He serves as a consultant advisor to leading fintech and financial data firms. He has over 15 years of working experience in the finance field. He runs Advisory Services for Direct Equities and Personal Finance Transformation.<\/p>\n<p><em>Note \u2013 This channel is for educational and training purpose only &amp; any stock mentioned here should not be taken as a tip\/recommendation\/advice<\/em><\/p>\n<p><em>You may also like: <strong><a href=\"https:\/\/univest.in\/hcl-tech-share-price-hit-new-52-weeks-low-falling-7-2-before-q1fy23-results\/\">hcl share price<\/a><\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mindtree provides digital transformation and technology services from planning to completion, allowing Global 2000 clients to outperform their competitors. Their extensive knowledge of infrastructure and application management transforms IT into a strategic asset. Mindtree is now owned by L&amp;T and employs over 37,400 talented and entrepreneurial professionals in 24 countries. L&amp;T took over Mindtree in<\/p>\n","protected":false},"author":6,"featured_media":26918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[175,176,174,173],"class_list":["post-11346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market","tag-mind-tree-share","tag-mind-tree-share-price","tag-mindtree-merger","tag-mindtree-share-price"],"metadata":{"_schema_ref":["11166"],"_edit_lock":["1665645530:8"],"_edit_last":["8"],"_nectar_gallery_slider":["off"],"_nectar_quote_author":[""],"_nectar_quote":[""],"_nectar_link":[""],"_nectar_video_m4v":[""],"_nectar_video_ogv":[""],"_nectar_video_poster":[""],"_nectar_video_embed":[""],"_nectar_audio_mp3":[""],"_nectar_audio_ogg":[""],"_post_item_masonry_sizing":["regular"],"_nectar_header_bg":[""],"_nectar_header_parallax":["off"],"_nectar_header_bg_height":[""],"_nectar_page_header_bg_alignment":["top"],"_nectar_header_bg_color":[""],"_nectar_header_font_color":[""],"_wpb_vc_js_status":["false"],"_yoast_wpseo_content_score":["30"],"_yoast_wpseo_estimated-reading-time-minutes":["7"],"_yoast_wpseo_primary_category":["24"],"_thumbnail_id":["26918"],"_yoast_wpseo_focuskw":["Mindtree Q1FY23 results beats market forecasts"],"_yoast_wpseo_title":["Mindtree Q1FY23 results beats market forecasts"],"_yoast_wpseo_metadesc":["Mindtree reported that their revenue from operations increased 36.2% YoY to Rs 3,121.1 crore in Q1FY23 as against Rs 2,291.7 crore in Q1FY22."],"_yoast_wpseo_linkdex":["62"],"nectar_blog_post_view_count":["282"],"_schema_json":["a:13:{s:8:\"@context\";s:19:\"https:\/\/schema.org\/\";s:5:\"@type\";s:11:\"BlogPosting\";s:16:\"mainEntityOfPage\";a:2:{s:5:\"@type\";s:7:\"WebPage\";s:3:\"@id\";s:66:\"https:\/\/univest.in\/mindtree-q1fy23-results-beats-market-forecasts\/\";}s:3:\"url\";s:66:\"https:\/\/univest.in\/mindtree-q1fy23-results-beats-market-forecasts\/\";s:8:\"headline\";s:89:\"Mindtree Q1FY23 results beats market forecasts with a 37% YoY rise in top and bottom line\";s:13:\"datePublished\";s:25:\"2022-07-16T14:54:30+05:30\";s:12:\"dateModified\";s:25:\"2022-07-17T15:12:12+05:30\";s:9:\"publisher\";a:4:{s:5:\"@type\";s:12:\"Organization\";s:3:\"@id\";s:32:\"https:\/\/univest.in\/#organization\";s:4:\"name\";s:7:\"Univest\";s:4:\"logo\";a:4:{s:5:\"@type\";s:11:\"ImageObject\";s:3:\"url\";s:62:\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/Univest-Logo.png\";s:5:\"width\";i:600;s:6:\"height\";i:60;}}s:5:\"image\";a:4:{s:5:\"@type\";s:11:\"ImageObject\";s:3:\"url\";s:68:\"https:\/\/univest.in\/wp-content\/uploads\/2022\/07\/Untitled-design-37.jpg\";s:5:\"width\";i:1280;s:6:\"height\";i:720;}s:14:\"articleSection\";s:6:\"Market\";s:8:\"keywords\";s:77:\"mind tree share, mind tree share price, mindtree merger, mindtree share price\";s:11:\"description\";s:370:\"Mindtree provides digital transformation and technology services from planning to completion, allowing Global 2000 clients to outperform their competitors. Their extensive knowledge of infrastructure and application management transforms IT into a strategic asset. Mindtree is now owned by L&amp;T and employs over 37,400 talented and entrepreneurial professionals in 24\";s:6:\"author\";a:4:{s:5:\"@type\";s:6:\"Person\";s:4:\"name\";s:14:\"Avneet Dhamija\";s:3:\"url\";s:33:\"https:\/\/univest.in\/author\/avneet\/\";s:5:\"image\";a:4:{s:5:\"@type\";s:11:\"ImageObject\";s:3:\"url\";s:81:\"https:\/\/secure.gravatar.com\/avatar\/4b244dec68772ad327eead8f5575ec8f?s=96&d=mm&r=g\";s:6:\"height\";i:96;s:5:\"width\";i:96;}}}"],"_schema_json_timestamp":["1661541599"],"_yoast_wpseo_wordproof_timestamp":[""],"rank_math_primary_category":["24"],"rank_math_title":["Mindtree Q1FY23 results beats market forecasts"],"rank_math_description":["Mindtree reported that their revenue from operations increased 36.2% YoY to Rs 3,121.1 crore in Q1FY23 as against Rs 2,291.7 crore in Q1FY22."],"rank_math_focus_keyword":["Mindtree Q1FY23 results beats market 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