1499.80 39.50 (2.70%)
NSE Jul 16, 2020 09:44
Volume: 70,471

HDFC Securities
LTTS continues to outperform ER&D peers, even as near term growth has slowed. We believe this has more to do with macros, and reckon that LTTS is reasonably resilient with its relatively stronger technical capabilities, diversified vertical mix and niche position in Process Industry and Industrial products. We build USD rev/EPS to post 11.5/14.5% CAGR over FY19-22E. That macros can play a bigger spoilsport than now is the only risk. We maintain BUY on LTTS despite the EPS downgrade (~5%) on weak near-term outlook (2Q nos were in-line). While relative outperformance continues, deceleration in growth trajectory limits our optimism. Our TP is Rs 1,705, based on 18x Sep-21E (20x earlier).
L&T Technology Services Ltd. is trading above it's 200 day SMA of 1423.3
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