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Prabhudas Lilladher Report
Larsen and Toubro Infotech Ltd. reported revenue of $470.2 million, up 5.1% QoQ U.S. dollar above our and consensus estimates (our estimate: 4%, consensus: 3.5%).
Growth was broad-based across verticals led by banking and financial services (up 9.9% QoQ U.S. dollar) and hi-tech and media (up 13.1% QoQ U.S. dollar).
Insurance vertical is recovering aided by recent large deal wins and new leadership.
L&T Infotech did not announce large deal total contract value this quarter but management mentioned that demand for digital transformation is significantly higher versus pre-pandemic period.
We believe that growth momentum will be maintained and won't be impacted by volatility of large deal wins.
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