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Dolat Capital Report
Larsen and Toubro Infotech Ltd. reported revenue growth of 8.9% QoQ in constant currency terms (our estimate: 5.1%) led by strong performance in banking and financial services and manufacturing verticals (9.6% and 12.4% QoQ).
Operating profit margin stood at 17.2% (our estimate: 17.8%) led by decline in utilisation (down 210 basis points QoQ) and increased attrition (stood at 19.6% up 440 bps QoQ).
Announced interim dividend per share of Rs 15.
Total contract value wins for Q2 was modest at $30 million but L&T Infotech do not see that as any hindrance to its leader quadrant growth for FY22 as it believes that it is getting significant traction from participating in transformation journeys of their clients which results in small projects on a continuous replenishment basis.
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