L&T Infotech Q1 Review - Growth Remains Robust, Attrition Spikes Despite Second Wage Hike: Dolat Capital
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Dolat Capital Report
Larsen and Toubro Infotech Ltd. reported revenue growth of 4.8% QoQ in constant currency terms (our estimate: 3.6%) led by strong performance in banking and financial services and hi-tech verticals (8.8% and 13.2% QoQ).
Operating profit margin stood at 16.4% (our estimate: 17.3%) led by sharp wage hike impact of about 340 basis points in the quarter.
Announced special dividend per share at Rs 10.
No net new large total contract value were announced for Q1 (last quarter was $66 million, FY21 was about $404 million up 21.7% YoY) but nevertheless Larsen and Toubro remains confident to deliver top quartile growth in FY22 led by strong client mining (scaled up one client in $50 million bucket).
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