L&T Infotech: Top-Quartile Business, But Valuation Leaves Little Room, Says Motilal Oswal
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Motilal Oswal Report
Larsen and Toubro Infotech Ltd. is up approximately 130% since its inclusion in our model portfolio (in Q3 FY20) and is currently the most expensive (28 times FY23 earning per share) IT company within our coverage universe.
It benefits from its position as a company with enough scale to compete with larger players but is still small enough to leverage the array of small deals to grow ahead of its peer group.
The company also has a well-diversified portfolio of service lines and has a good presence in all the major verticals, with banking and financial services contributing 30% to total revenues.
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