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:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.