Buy Mindtree, target price Rs 4148: ICICI Direct

ICICI Direct has buy call on Mindtree with a target price of Rs 4148. The current market price of Mindtree Ltd. is Rs 3737. Time period given by analyst is three months when Mindtree Ltd. price can reach defined target.

MindTree Ltd., incorporated in the year 1999, is a Mid Cap company (having a market cap of Rs 61229.30 Crore) operating in IT Software sector.

MindTree Ltd. key Products/Revenue Segments include Software Development Charges for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-12-2021, the company has reported a Consolidated Total Income of Rs 2820.80 Crore, up 6.01 % from last quarter Total Income of Rs 2661.00 Crore and up 35.27 % from last year same quarter Total Income of Rs 2085.30 Crore. Company has reported net profit after tax of Rs 437.50 Crore in latest quarter.

Investment Rationale
The brokerage believes the ongoing base formation has set the stage to resolve higher and head towards Rs 4148 as it is the 50% retracement of mid January-February rally (4760-3555), placed at Rs 4150.

Promoter/FII Holdings
Promoters held 61.0 per cent stake in the company as of 31-Dec-2021, while FIIs owned 15.72 per cent, DIIs 9.71 per cent.