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Dolat Capital Report
Larsen and Toubro Infotech Ltd. reported revenue growth of 9.2% QoQ in constant currency terms (our estimate: 6.5%) led by broad-based traction across verticals and 2% pass-thru revenue from manufacturing vertical.
Ebit margin stood at 17.9% (our estimate: 17.2%) led by operating efficiency and growth benefit of 40 basis points and 30 bps from forex.
Total contract wins for Q3 was modest at $32 million (one large deal with new pharma client in North America) but L&T Infotech do not see that as any hindrance to its leader quadrant growth for FY22 as it believes that it is getting significant traction from participating in transformation journeys of their clients which results in small projects.
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