L&T Infotech Q4 Review - Elevated Valuation Fairly Captures Future Growth Performance: Motilal Oswal
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Motilal Oswal Report
Larsen and Toubro Infotech Ltd.’s Q4 FY21 U.S. dollar revenue growth of 4.4% quarter-on-quarter constant currency was broad-based, barring Insurance and energy and utility verticals.
EBIT margin was down 120 basis point QoQ to 19.4%, despite the impact of a wage hike and 190bp dip in utilization (on increased hiring).
With a large deal total contract value of $66 million in Q4, its FY21 large deal TCV was $404 million, an increase of 22% YoY.
We continue to expect the company to grow in the top quadrant of our IT services coverage, especially among largecap IT services names – aided by large deal traction, a strong client mining ability, and a supportive demand environment.
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