L&T Technology Q1 Review - Beat Estimates With All-Round Performance, Revised Guidance: Axis Securities
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Axis Securities Report
L&T Technology Services Ltd. reported a healthy set of results in Q1 FY22.
Revenue in Q1 FY22 grew by 5.4% QoQ, much ahead of our expectations at Rs 1,518.4 crore.
Operating profit showed strong growth of 13% QoQ at Rs 296 crore and operating margins, too, witnessed a healthy growth of 50 basis points QoQ and stood at 17.3%.
The growth was aided mainly by strong execution, higher utilisation, and depreciation of the currency, etc.
The management is confident about the sustainable operating margins from moving forward backed by the strong cost optimisation effort undertaken and the company’s strong execution capabilities.
Net income for Q1 FY22 stood at Rs 216.2 crore, improving by 11% QoQ.
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