L&T Infotech - Maintains robust operating performance - YES Securities

Overall, the performance was robust across operating parameters. While revenue came inline, EBIT margin was above estimates. Demand environment continues to remain robust for the company; though few clients have become cautious about evolving macroeconomic situation. Offshore and onsite employee attrition has started to moderate and that should ease pressure on margin. We expect it to be among the growth leaders in the Tier 2 IT companies led by its capabilities across verticals and service lines and should be able to maintain net margin of 14-15% for FY23. We maintain BUY on the stock with revised target price of Rs 4,960/share at revised multiple of 27x on FY24E EPS.

Link to the report

Shares of Larsen & Toubro Infotech Limited was last trading in BSE at Rs. 3873.65 as compared to the previous close of Rs. 4015.45. The total number of shares traded during the day was 40969 in over 10059 trades.

The stock hit an intraday high of Rs. 4077.50 and intraday low of 3834.00. The net turnover during the day was Rs. 159462170.00.

Source : Equity Bulls

Keywords

LarsenandToubroInfotech INE214T01019 LTI Q1FY23 ResultUpdate YESSecurities