HDFC Securities: L&T Tech Q2 Review - Recovery Is Priced In
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HDFC Securities Report
L&T Technology Services Ltd.’s Q2 print was slightly ahead of estimates, and the growth rebound (despite Q3 furlough uncertainty) is supported by a pick-up in deal activity (deal pipeline and wins higher by approximately 16% over the previous quarter).
While the company has a strong pedigree in engineering and research and development with a well-diversified service portfolio, factors such as business cyclicality, higher discretionary nature, and slower pace of large deal conversion result in sequential volatility.
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