L&T Infotech Q3 Review - Industry-Leading Growth At Industry-Leading Valuations: Motilal Oswal
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Motilal Oswal Report
L&T Infotech Ltd.’s Q3 FY21 U.S. dollar revenue growth of 5.3% QoQ constant currency (our estimate 4.0% QoQ CC) was broad-based, barring Insurance (down 0.6% QoQ) and energy and utilities (0.1% QoQ).
The Q3 Ebit margin expansion of only 70 basis points QoQ (to 20.6%) – despite high improvement in utilisation (up 220 bps QoQ) and the offshore mix (up 100 bps QoQ) – was due to pass-through business and employee additions (1,500 plus).
During the quarter, the company reported the highest ever total contract value of large deal wins of $278 million – inclusive of the earlier announced $204 million win with Injazat.
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