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Dolat Capital Report
Larsen and Toubro Infotech Ltd. reported revenue growth of 5.3% QoQ in constant currency terms (our estimate 4.3%) led by strong performance in banking financial service and manufacturing verticals (7.5% & 9.2% QoQ).
Operating profit margin improved by 80 basis points to 20.6% (our estimate 20.0%) led by higher utilization (up 60 basis points QoQ to 81.1%), higher share of off-shore revenue (approximately 230bps QoQ to 55.7% - as effort mix improves by 100bps to 81.6%).
The company is confident of achieving leader quadrant growth in FY22 as well despite strong base of high single digit growth in FY21 (implying mid double digit growth).
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