Mindtree reported a 4.5% growth in revenues to $133 million, 1.5% ahead of our estimate. The hitech vertical (erstwhile PES) grew 6% to $36.4 million; this is not sustainable in our view and was possibly aided by IP-led revenues. Infrastructure management was once again the primary growth driver (9.2%). Package implementation practice grew 78% q-o-q to $5.4 million. IT services grew 3.9% to $96.4 million. Ebitda margin rose 200 bps to 21.5% due to 1.5% increase in offshore realisation and decline in non-manpower costs on a sequential basis. Net income of R98.2 crore (+11% q-o-q, +24.5% yoy) was 5% higher than our estimates.
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