L&T Technology Q1 Review - Impressive Operational Performance: Prabhudas Lilladher
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Prabhudas Lilladher Report
L&T Technology Services Ltd. reported strong growth of up 4.2% QoQ U.S. dollar (our estimate: 3.7%, consensus: 2.7%), despite Covid-19-led supply side challenges.
Growth was broad-based with four out five segments growing 4%-8% QoQ, led by industrial products (up 7.8% QoQ U.S. dollar).
Consistent improvement in Ebit margin for four consecutive quarters led to above pre-Covid-19 level margins of 17.3% up 68 basis points QoQ, up 220 bps higher than our estimates.
This is driven by consistent shift towards high margin digital engineering portfolio.
The company reported healthy deal win total contract value with six new deals, which includes two $25 million plus deals and four deals $10 million plus deals.
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