Strong deal wins and commentary indicate good FY25

Company
17 Jan 2024
5 Min read 
  • L&T Technology (LTTS) reported 3QFY24 revenue of USD291m, slightly below estimates.
  •  Deal signings were strong, with six large deals worth USD10m+ TCV.
  •  EBIT margin was flat at 17.2%, missing estimates due to low utilization and higher costs.
  •  Management expects revenue growth to rebound in 4Q and maintains FY24 guidance.
  •  LTTS is confident in sustaining growth from potential accounts and has a strong recruitment program.
  •  Retain BUY rating with a TP of INR6,220 based on strong revenue growth prospects.
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