Disappointing 3Q, weak near-term outlook a drag on FY25 growth

Company
18 Jan 2024
5 Min read 
  • LTIMindtree reported weak revenue growth in 3QFY24, affected by higher furloughs and a slowdown in discretionary spending.
  •  Deal wins were strong, but the near-term outlook remains weak, impacting FY25 growth.
  •  Margin recovery is expected to be slow, limiting upside potential.
  •  The company is expected to grow at a sub-10% rate YoY in FY25.
  •  The stock is currently trading at 29x FY26E EPS, limiting further upside.
  •  Neutral rating maintained with a target price of INR6,600.
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