Calibrating 9mCY19 performance and the estimated recovery, we see limited risk to our CY19e and CY20e earnings. We also introduce CY21e earnings with modest 4% y-o-y Ebitda growth, implying flat Ebitda/t.
We are enthused by the new management’s capability and believe Mindtree is firmly set to clock robust growth going forward. Led by the strong revenue momentum, despite corporate upheavals, we revise up FY20/FY21E revenue 3.
On the other hand, key concerns are — increase in the already complex structure of the automotive business; no major near-term benefit; and lack of clarity on whether M&M will be able to leverage Ford’s petrol engine expe
In our view, the government’s decis-ion brings to the fore the larger issue of potential delays in the scheduled bidding process in the domestic iron ore market. If the bidding process is delayed, we es-timate a shortfall o
The company’s continued drive towards premium products – 19% of total volumes in CY18 and targeted to reach 30% over the next few years – as well as expected savings (3% of PBT) from the master supply agreement (MSA) wi
The V-Mart stock has slipped ~30% over the past four months. This we attribute to the company’s soft performance over the past two quarters amidst the general slowdown in the economy and weak equity markets (low liquidity).