Ameya Profile picture
Jan 14 32 tweets 6 min read
So the next co we are going to look at is Mindtree. It is now an L&T group co & L&T is already sitting on a hefty gain since taking it over. The #mindtree business positioning still gives you Mr. Soota's touch.
* Industries & Domains
Mindtree operates into many industries & domains but they have broadly categorized industries into 4 segments.
- Travel & Health
- Communication & Media

Very clear segmentation but this has happened after L&T took it over.
* Services
4 Service Lines
- Customer Success
- Data & Intelligence
- Cloud
- Enterprise

Once again, very clear segmentation of services. No overload of information & not trying to convey that they do everything.
* Products
#Mindtree positions IPs & not products.

- Customer Data Hub
- Immersive Aurora
- Apex & Match Point
- Compass, MVC, CAPE, MWatch
- Intelyzers
- BOT Doctor
All IPs are strategically positioned in 4 service lines.
* Cloud/Digital?
Very strong presence in cloud & hyperscalers with partnerships with SalesForce, Google, AWS, Azure, SAP, and Service Now. Fantastic Suit! Covers everything from Enterprise functions to Agile Processes & Lifecycle solutions.
Further, partnership with databricks, snowflake, PEGA, DuckCreek, Adobe, AutomationAnywhere, Murex, BigCommerce & COHESITY - very exhaustive partner ecosystem
Very strong presence in EU/NORDIC region as well as stronghold in travel segment. Very well positioned to make most from cloud-hyperscaler opportunity size. Consistently gaining more wallet share from existing accounts.
Very small overlap with #LTI offerings. Client overlap is also very minimal.

L&T NXT - a unit focused on advance tech, similar to what #LTTS does but in mainly construction segment was merged due to strategic reasons. No immediate overlap with LTTS' offerings.
All businesses can't go all digital. Some also needs traditional channels & hence omnichannel CX is extremely important. Mindtree has spent good time redefining relationships with customers to be partner in their journeys and not just be an SI. Very strategic change.
What L&T has done to Mindtree is bring the focus back to business where it has dominant positioning. Cut down the noise, reposition services strategically to ensure customer clearly knows where does he/she fits in the solution offering of the co.
The strategic focus that was missing in Mindtree is now there with L&T's involvement. This is exactly how Happiest Mind is right now. It lacks focus. They want to do everything everywhere. Mindtree does a lot too, naturally, but at least clients now clearly see segmentations
Also, the next leg of value generation will happen when IT companies backed by traditional conglomerates such as TATA, L&T etc start offering domain consulting services through technology.
A clear pathway to unlock value from understanding business processes over multi decades. Mindtree Consulting - a small initiative, but growing one, is very unique in this regard.
This is offered through tech as the basis & called as Digital Pumpkin. Consult, Collaborate, Ideate, Deliver - that's the consulting pathway of digital pumpkin.
* Client Profile
4 Geographies - NA, UK-IE, EU, APAC-RoW. Top 20 client account growth is very strong. Total 136 $1mn+ clients, 33 $10mn clients, 9 in $20mn+, 1 each in $50mn & $100mn bracket
* Revenue Profile
Mindtree is at $1.5bn run rate already. For FY21, NA still dominates with 73% contribution to revenues. Communication, Media contributes 50% to total rev.
Top 20 clients YoY growth has been 40%+ which indicates co's ability to mine existing accounts better.
Customer Data Hub - This was previously known as Audience Data hub. It helps digital companies collect customer centric data, cleanse it, segment it, and determine customer centric advertising & product marketing strategies.
It helps companies know the different customer segments, determine value each segment holds & of which how much can be unlocked without getting too intrusive to hamper the CX
Immersive Aurora - This is a segment that offers immersive AR/VR solutions. They have already delivered AR based makeup experience solution to a personal care product where users can visualize makeup without really putting anything on the face.
The AR paint experience where you can visualize how would your home look like in a certain shade of paint is also offered via this IP. The offering is relatively new & growing in Automotive & CX space very strongly.
APEX is the analytics platform exclusive to retail & CPG companies. It helps build insights into product assortments, store operations to help companies sell right product with right assortment at the right store for the right customer.
Match Point - It is an Azure app available on Microsoft's Azure market place. It is an app focused on data profiling, cleansing, preparing data sets to be easily consumed by any analytics platform of customer's choice.
Basically, this converts raw, unstructured, unreadable data into structured, clean, usable data that analytics platforms can consume directly.
ComPass - Is an accelerator that helps org visualize dependencies within the application & enterprise architecture components and prepare for cloud migration. This is key product that can cut down customer's cloud migration time significantly
MVC - is a minimum viable cloud framework that helps org to take care of the admin activities while migrating to cloud.
CAPE stands for composable automated platform for enterprise. It enables the low-code application integration within the large enterprise ecosystem.
CAPE is very good solution that helps traditional org. embark on digital transformation at a rapid pace. It brings down application silos, brings DevOps capabilities, offer API based integration, delivers CD/CI capabilities for traditional org. that does not have such practices
Intelyzers is a suite of data science components that enable cos build ML capabilities, train algorithms, build predictive capabilities to enable "noOps" paradigm
noOps is a paradigm in which companies can predict outcomes, anticipate problems, determine fixes, and also deliver those fixes automatically with almost no user intervention. BOT Doctor is one of the integrated capabilities with this.
DTEP is a Dynamic Test Engineering Platform. It helps companies define testing plan that is not purely dependent on a number of test cases executed. It bundles SaaS & Service to offer platform agnostic, plug & play testing methodologies that companies can start using immediately
The deal wins & pipeline looks very robust. Annuity revenues are growing at a strong pace. It is known fact that Mindtree focuses a lot on Annuity accounts that will give them rev. visibility into multiple years. Result is they will be selective of projects
Mining existing accounts leads to higher annuity numbers. And that's steadily going up for Mindtree. Which means customers are very sticky. This may lead to some time-being opportunity loss since co. may let go small accounts.
It was rumored that Mindtree & LTI will be merged. L&T management even gave hints that once synergies are met, cultural harmonization achieved, it can be considered to merge both entities. However, we have no visibility when will that happen. My view is not anytime soon

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More from @Finstor85

Jun 12
Let me give some examples.
1. Subex - wrong acquisition, debt, capital restructuring mistakes & stock down forever since 2005. So many narratives float every bull cycle. Only to scoop new investors in.
2. Ramco systems - so called SAP & all ERP killer co killed itself due to over obsession with technical decisions that went wrong. CEO used to literally interfere database design. Made a complete mess.
3. ELXSI - only co in my knowing that managed to make a comeback after making a few mistakes in VFX & Design segments. They literally turned it around.
4. Kelton Tech - focused only on inorganic growth, narratives galore. Every time new story for new investors
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Apr 20
Strong commentary from concall so far. $430mn incremental rev. which is more than 3x of FY21. $2bn large deal pipeline - 50% TCV in late stage, 4 in contracting stage. 40% of this is from new logos. Attrition is cooling off. 200bps down in Q4 due to sharper drop on offshore.
So the offshore attrition is cooling off, onsite attrition is the reason of flat vol & needs better control. I think this & the cautious tone during opening remarks spooked the market. But it is extremely balanced commentary IMHO.
If you see 2nd Q in the concall & see what we discussed in our alpha newsletters issue yesterday, you'd understand that our thought process is perfectly aligned & that we are able to assess outlook from management's pov too. Here is what we discussed in the last issue
Read 10 tweets
Jan 5
#RateGain is the next one I am reading about since it is so called positioned as SaaS but I have got contradicting date which I haven't been able to evaluate yet on my own. I read the business update just now and following is my 1st assessment.
Good business update from #RateGain…
Rev grew by 40% YoY but that's not the main metric we should focus at since it is positioned as SaaS business.

While I am not sure % of SaaS revenue from the total rev., perhaps someone can throw light. I haven't gone into depth of the business yet.
Read 9 tweets
Jan 5
Some top up topics here since there was very interesting conversation in the comments. Just want to bring that topic to the front. What is data assessment & prioritization? How does traditional vs new mobile n/w handle this ever rising need to prioritize the data?
Real-time analysis & prediction of certain kinds of data is getting more importance in communication between Machine to Machine. Let's refer that as M2M from now on. The M2M data is giving more imp. in certain application context than P2P (person to person)
Esp. geospatial data related to self-driving, driving assistance, navigation, traffic & accident info., license plate detail etc. has more imp. than any kind of data transferred over the network. It isn't the network that is capable to assess & prioritize at protocol level.
Read 8 tweets
Jan 3
OK here we go! Pl note that thread may be a bit technical, but I have tried to be as simple as I could. This is my own interpretation of the tech & where we are going with digital
Before we understand business of #tatacommunications, we have to understand some concepts without which we won't be able to appreciate the changes & improvements
#tatacommunications is mainly known for internet connectivity, colocation, enterprise data provider. But The co is transforming from these traditional services
Read 44 tweets
Dec 31, 2021
We will look at the 4th company in this series today. It is a smallcap companies named #Zensar that has one hidden gem called ZenLabs! Read on.
* Industries & Domains - Hi-Tech & Manufacturing, BFSI, Retail & Consumer. Focused on industries they have been operating since long. Not trying to diversify.
* Services - Experience Service(Unique), Advance Engineering, Data Engineering & Analytics, Application Services, Foundation Services

Very neat & clean categorization of the services. Not trying to over do. Very straightforward to show what they offer.
Read 23 tweets

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