BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
In a seasonally not so strong quarter, Larsen and Toubro Infotech Ltd. impressed with robust (~8.9% QoQ, constant currency) and broad-based growth – across verticals, geographies and service lines.
What differentiates L&T Infotech from most other IT companies is the strong growth despite a tall base in FY21 [September 2019 to Sep 2021 revenue (U.S. dollar) compound annual growth rate (YoY) equals to 18% versus 14% of Mindtree Ltd., 12% of Infosys Ltd., 7% of Tata Consultancy Services Ltd. and 6% of HCL Technologies Ltd.].
Share of offshore effort increased 90 basis points QoQ to 83.6% driving margin resilience in a post wage hike quarter.
Management expects the offshore effort share to stay elevated on the back of the ‘Great Resignation’ theme playing out globally – across economies and industries.
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