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L&T Technology Services Ltd. it has continued to lag behind most of its peers in IT / engineering research and development – previously in terms of resilience and now in terms of recovery.
The reported revenue growth (3.8% quarterly, versus 4.7% Cyient Ltd., constant currency) was behind our estimates.
Adjusted for lower depreciation, the Ebit margin widened to only 70 basis points QoQ (as opposed to ~ 150 basis points Cyienta), missing our estimates.
The revenue growth guidelines (13-15%, US dollar), despite a very weak base (down 6.8% year-on-year in FY21, constant currency), were disappointing, implying a meager rate of 3% compound annual growth (CC ) relative to FY2022.
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