L&T Tech - A Play On ER&D’s Growing Digitization: Motilal Oswal
A person uses a laptop computer (Photographer Andrey Rudakov/Bloomberg)

L&T Tech - A Play On ER&D’s Growing Digitization: Motilal Oswal

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Motilal Oswal Report

As one of the largest pure play research and development outsourcing vendors out of India, we see Larsen and Toubro Technology Services Ltd. as a key beneficiary of growing tech adoption across R&D and new product development.

More importantly, with digital revenue share of ~50%, it would benefit from high double-digit growth in global digital engineering and R&D spend (18% compound annual growth rate over 2018-23E).

The company has one of the most diversified business mix within its peer group, with low client concentration (top five client revenue share at 16% in Q3 FY21) and five large verticals with over 10% revenue contribution.

Click on the attachment to read the full report:

Motilal Oswal L&T Tech Initiating Coverage.pdf


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