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Anand Rathi Report
With an expected FY26- 28e adjusted earnings per share compound annual growth rate 11.9%, the brokerage firm Anand Rathi has maintained Buy rating on LTM Ltd. with a higher target price of Rs 4,734, versus Rs 4,337 earlier, implying ~17.3% upside from current levels.
Valuation does not include proposed Randstad Technology Consulting Services business acquisition.
Risks
- Prolonged slowdown in discretionary IT spending.
- Execution risk in bookings to revenue conversion.
- Geopolitical escalation in the Middle East (<3% of revenue) and India could re-delay Consumer segment ramps-ups.
- Closure and integration of Randstad acquisition.
- Given the hedge book of ~$5.0 billion, further rupee depreciation can drive forex losses, weighing on the bottom-line.
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