LTIMindtree Ltd. share price target

L&T; Infotech (LTI)'s 1QFY22 USD revenue growth stood at 4.8% QoQ CC, above our est. of 3.4% QoQ CC. Growth was largely led by deal ramp-ups in Hi-Tech (Injazat) and BFSI (Islamic Bank), which grew 13.2 and 8.2%, respectively. The 1Q EBIT margin contracted 300bp QoQ to 16.4% (in line with estimates). The margin decline was primarily led by a 340bp impact of wage hikes and promotions to manage attrition. Despite the absence of large new deal wins in 1Q, LTI highlighted a strong demand environment, led by a robust deal pipeline. It continues to report...

Despite healthy growth in the previous two quarters, the company saw robust 4.4% QoQ growth in Q4FY21. LTI registered industry leading growth in FY21 despite headwinds. This was mainly led by the company's ability to deliver end-to-end solutions right from cloud migration, core modernisation, data analytics and customer experience. Going forward, we expect LTI to be a key beneficiary of recent trends of multi-year technology transformation phase. In addition, the company's ability to win large deals, effectively mine clients, adding Fortune 500 clients (added two this quarter) and acquire new...

Policy Measures: RBI measures for Covid 2.0. LTI: Market-leading growth in FY21. Banking: RBI extends relief measures to tackle second Covid wave

Larsen & Toubro Infotech's (LTI) Q4FY21 revenue growth of 4.4% QoQ in CC was in-line with our forecast. EBIT margin of 19.4%, -125bps, was higher than our forecast. EPS of Rs31.2, +5.1%/+27.3% QoQ/YoY, was even bigger beat to our forecast. In Q4FY21, LTI has secured 2 large deals with net-new TCV of US$66 mn taking the FY21 TCV to a new-high of US$404 mn. It has added 2 more Fortune 500 client taking the total to 71. LTI confirmed that the deal-pipeline remains strong. It expects to remain in leaders quadrant as regards revenue growth in FY22. We factor Q4FY21 beat and increase our FY22/FY23 revenue (US$) forecast by...

L&T; Infotech's (LTI) Q4FY21 revenue growth was strong at 4.4% QoQ CC due to an uptick in the hi-tech, manufacturing and BFS verticals.

LTI is expected to be a key beneficiary of recent trends of multi-year technology transformation phase. The company's ability to deliver end to end solution right from cloud migration, core modernisation, data analytics and customer experience will lead to healthy traction in revenues over the coming years. In addition, the company's ability to win large deals, effectively mine clients, adding fortune 500 clients and acquire new clients will enable the company to deliver industry leading revenue growth in coming years. The company has won US$278 million large deal and has...

Larsen & Toubro Infotech's (LTI) Q3FY21 revenue growth of 5.3% QoQ in CC was slightly higher than our forecast. EBIT margin improvement of 76bps QoQ to 20.6%, at a new high, was a beat. Similarly, EPS of Rs29.7, +13.7%/+36.9% QoQ/YoY was a beat to our forecast. LTI has secured 2 large deals with net-new TCV of US$278 mn+. It has added 1 more Fortune 500 client taking the total to 69. LTI confirmed that the deal-pipeline remains strong. It expects the growth momentum to sustain in Q4 enabling it to deliver...

L&T; Infotech (LTI)'s 3QFY21 USD revenue growth of 5.3% QoQ CC (est. 4.0% QoQ CC) was broad-based, barring Insurance (-0.6% QoQ) and E&U; (0.1% QoQ). The 3Q EBIT margin expansion of only 70bp QoQ (to 20.6%) despite high improvement in utilization (+220bp QoQ) and the offshore mix (+100bp QoQ) was due to pass-through business and employee additions (1,500+). During the quarter, LTI reported the highest ever TCV of large deal wins of USD278m inclusive of the earlier announced USD204m win with Injazat. We continue to expect LTI to deliver revenue growth on the higher end of...

5.3% QoQ & 7.4% YoY. Revenue growth was broad-based led by BFS (8.4% QoQ USD) and Manufacturing (9.6% QoQ USD) verticals. Digital revenues (44.4% of rev share) continue grew at strong pace of +9.4% QoQ, 17.4% YoY and contributed 70% of incremental revenue growth. EBIT Margins came at 20.6%, +70 bps QoQ & +440 bps YoY led by sustained improvement in...