L&T Tech Q4 Review - Questionable Multiples: ICICI Securities

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May 04 2021, 3:19 PMMay 04 2021, 3:19 PMMay 04 2021, 3:19 PMMay 04 2021, 3:19 PM

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L&T Technology Services Ltd. continued to lag down astir of its IT/engineering probe and improvement peers – earlier connected resilience, present connected recovery.

Reported gross maturation (3.8% quarter-on-quarter, versus 4.7% of Cyient Ltd., changeless currency) was down our estimates.

Adjusted for little amortisation, Ebit borderline expanded conscionable 70 ground points QoQ (versus ~150 ground points of Cyient) missing our estimates.

Revenue maturation guidance (13-15%, U.S. dollar), contempt precise anemic basal (down 6.8% year-on-year successful FY21, changeless currency), was a disappointment, implying a meagre 3% compound yearly maturation complaint (CC) implicit FY2022.

Click connected the attachment to work the afloat report:

ICICI Securities LTTS Q4FY21 Results Update.pdf

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