MUMBAI : Ahead of its March quarter results, shares of L&T Technology Services Ltd (LTTS) were posting year-over-year returns of 117%. The mid-tier IT company’s March quarter results didn’t set the streets on fire, however.
On a sequential basis, its constant currency revenue rose 3.8%, missing analysts’ estimates by 130 to 150 basis points (bps). A basis point is equal to one hundredth of a percentage point. It also underperformed Cyient Ltd constant currency revenue growth by 4.7% in the March quarter. The operating margin improved 140 basis points quarter on quarter to 16.6%, driven by an increase in the offshore mix and better utilization. It largely matched expectations.
Reacting to its earnings, the stock fell 8% on the NSE on Tuesday.
The moderate revenue growth forecast for FY22, despite strong trading wins and a weak base for FY21, has put investors off strongly. The company forecasts dollar revenue growth of 13-15% this fiscal year. Many analysts envisioned income growth to be in the teens high for FY22.
Management attributed the modest advice to their increased caution due to the recent surge in covid cases in India. During the quarter, he won six contracts with a total value of over $ 10 million, including two over $ 25 million. In a post-earnings conference call, the company’s management said that going forward, its pipeline remains strong, but contract closures are uncertain.
National brokerage firm HDFC Securities Ltd said these revenue forecasts imply a modest quarterly growth rate of 2.1-2.8%, despite the ramp-up of Phase 2 of its oil and gas deal by more than $ 100 million. The modest income forecast comes against the backdrop of wealthy valuations, adding to the discomfort for investors.
According to analysts at ICICI Securities Ltd, the company still lags most of its peers in terms of resilience and now recovery. Still, it trades at high valuations. LTTS is currently trading at 37 times estimated FY22 earnings per share, with a significant premium over TCS (29 times), Infosys (26 times) and Cyient (16 times) despite its growth / margin trajectory. either lower or similar, “he said in a May 4 report.
Analysts said given the high valuations, the positives are more than taken into account and stock performance could remain under pressure.
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