ICICI Securities is Bullish on L&T Infotech After its Q1 Results

  • Investing.com
  • Stock Market News
ICICI Securities is Bullish on L&T Infotech After its Q1 Results

By Aditya Raghunath

Investing.com -- Larsen & Toubro (NS: LART ) Infotech Ltd (NS: LRTI ) reported its numbers for the first quarter of FY22 ended June 30, 2021. Its revenue went up 17.4% to Rs 3,462.5 crore while net profit came in at Rs 496.8 crore for Q1 FY22 compared to Rs 416.6 crore in the corresponding period last year.

ICICI Securities has assigned a buy recommendation to the stock with a target price of Rs 5,065, an upside of over 15.6% from its July 19 closing price of Rs 4,379.6. In its research report on July 17, it said, “LTI’s ability to win large deals, presence in niche verticals, effectively mine clients, adding Fortune 500 clients, and digital prowess are key drivers. We expect LTI to register 18% CAGR in FY21-23E.”

L&T Infotech acquired Cuelogic Technologies, a digital engineering and outsourced product development company, during the quarter. It has also announced special dividend of Rs 10/ share.

YES Securities said, “It continues to benefit from strong demand environment as the strategy is to remain focused on growth while maintaining stable net profit margin of 14-15%. It is expected to manage near term margin pressure through improved employee pyramid and positive operating leverage. Its investments in cloud and data will continue to help it to ride the digitalization wave. We maintain BUY on the stock with revised target price of Rs 4,950.”

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or


Related Articles