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Prabhudas Lilladher Report
Larsen and Toubro Infotech Ltd. reported massive beat on revenue at $509 million, up 8.9% QoQ constant currency, up 8.3% QoQ U.S. dollar (our estimate: 5.5%, consensus: 3.5%).
Growth was broad-based across verticals, geographies and service lines. Historically H2 has been seasonally strong and same trend is expected to continue in H2 FY22.
L&T Infotech won one new large deal in Europe with total contract of $30 million for five years. Management mentioned that deal pipeline is robust with number of large deals.
Growth is constrained only by supply and without supply constraints the company would have grown at much higher rate given extremely strong, secular and sustainable demand environment.
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