L&T Infotech Q4 Review - Consistency Continues: ICICI Securities
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ICICI Securities Report
Larsen and Toubro Infotech Ltd. reported Q4 FY21 revenue growth (up 4.4% QoQ, constant currency) was in line with our estimates.
Barring a few verticals (insurance, energy and utility), growth was reasonably broad based.
North America across geographies and top-five clients remained an overhang on overall growth.
Notably, growth in top-20 accounts remained tepid throughout FY21.
Ebit margin came in 80 basis points ahead of our expectations, led largely by provision reversal.
Company reiterated its earlier outlook of remaining in leadership quadrant on growth in FY22.
Strong large-deal total contract value in FY21 in conjunction with healthy pipeline drives this confidence.
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