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Motilal Oswal Report
L&T Technology Services Ltd. reported a 4.7% QoQ growth in constant currency in Q1 FY23, 2% ahead of our estimate led by strong growth in plant engineering (up 7.3% QoQ) and industrial products (up 4.3% QoQ), while telecom and hi-tech (flat QoQ) was subdued.
Ebit margin contracted 30 bps in Q1 FY23 due to elevated lateral additions and upfront investment/ramp-up cost in large deal wins, partially offset by operational efficiency.
L&T Tech had its highest ever booking in Q1 FY23, including one $50 million deal in the rail mobility space.
L&T Tech also raised its FY23E revenue growth guidance by 100 bps to 14.5-16.5% (based on Q4 FY22 currency rate), while maintaining its reported FY23E U.S. dollar revenue growth guidance at 13.5-15.5%.
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