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ICICI Securities Report
First half FY21 result of L&T Technology Services Ltd. once again exposed the relative vulnerability of engineering and research and development (versus Information Technology) to demand, supply and margin shocks.
Further to a sharp fall in revenue/profitability in Q1 FY21, modest recovery during September 2020 (that too led by unreliable markets like Rest of World, India) was underwhelming.
While the company hinted at 40% increase in the pipeline (versus December 2019), quick conversion into deals/revenue may be a tough ask.
Post Covid-19, reprioritisation of capital, focus on increasing utilisation of existing assets and elongation of product development cycles underpin this assessment.
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