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ICICI Direct Report
Larsen & Toubro Infotech’s revenues were in line with our estimates while margins were marginally above our estimates.
Although the company reported a revenue decline of 4.8% QoQ, it was relatively better than some of the larger peers that reported average 7.0% QoQ decline in revenues in Q1FY21. In addition, Ebit margins improved 70 basis points to 17.4% (above our estimate of 16.8%) mainly due to absence of one-off expenses in the quarter, rupee depreciation and cost rationalisation. Further, despite a challenging quarter, the company closed a large deal of 20 million U.S. dollar
The company is witnessing near term challenges due to Covid-19 pandemic.
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