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Thematic (Sector/Industry)

<ul><li>L&amp;T Technology Services: L&amp;T Technology Services (LTTS) maintained its FY24E outlook implying a strong exit in Q4FY24E, even as Q3 performance was lower than expected</li><li>Revenue growth was impacted by softness in the Telecom &amp; Hi-Tech vertical (adj for SWC seasonality)</li><li>Guidance reiterated at 17.5% to 18.5% CC for FY24E implies 4-7% QoQ CC for Q4FY24E, which will be supported by (1) sequential improvement in furloughs/billing days/SWC seasonality, (2) six deals of USD 10mn+ TCV booked in Q3FY24, and (3) strategic partnership with bp (medium-term driver) and targeted mining program for top clients</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

L&amp;T Technology Services: L&amp;T Technology Services (LTTS) maintained its FY24E outlook implying a strong exit in Q4FY24E, even as Q3 performance was lower than expectedRevenue growth was impacted by softness in the Telecom &amp; Hi-Tech vertical (adj for SWC seasonality)Guidance reiterated at 17.5% to 18.5% CC for FY24E implies 4-7% QoQ CC for Q4FY24E, which will be supported by (1) sequential improvement in furloughs/billing days/SWC seasonality, (2) six deals of USD 10mn+ TCV booked in Q3FY24, and (3) strategic partnership with bp (medium-term driver) and targeted mining program for top clientsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: L&T Technology Services, Federal Bank

<ul><li>The big news is that not much has changed in the past few months</li><li>Most of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows, the supply-side factors remain favourable, supporting operational resilience despite soft growth</li><li>In Q2FY24, the IT sector is expected to deliver a soft quarter, although Q2 has historically been a seasonally strong quarter.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The big news is that not much has changed in the past few monthsMost of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows, the supply-side factors remain favourable, supporting operational resilience despite soft growthIn Q2FY24, the IT sector is expected to deliver a soft quarter, although Q2 has historically been a seasonally strong quarter.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Bottom-Up

L&T Technology Services Limited / Equity Bottom-Up

<ul><li>We visited L&amp;T Technology Services’ (LTTS) Baroda ODC and labs, which included several customer case studies</li><li>LTTS’ key differentiation as a pure-play ER&amp;D services company is not just at the intersection of IT and OT, but more so in its strong domain capabilities, end-to-end ER&amp;D services and strengths in verticals such as industrial product and plant engineering</li><li>LTTS’ recurring revenue streams from large accounts (currently 57 of T100 global R&amp;D spenders are clients) as well as new logo entry is supported by its deep engineering expertise and investment in labs (enabling pilot projects and innovation)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We visited L&amp;T Technology Services’ (LTTS) Baroda ODC and labs, which included several customer case studiesLTTS’ key differentiation as a pure-play ER&amp;D services company is not just at the intersection of IT and OT, but more so in its strong domain capabilities, end-to-end ER&amp;D services and strengths in verticals such as industrial product and plant engineeringLTTS’ recurring revenue streams from large accounts (currently 57 of T100 global R&amp;D spenders are clients) as well as new logo entry is supported by its deep engineering expertise and investment in labs (enabling pilot projects and innovation)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

L&T Technology Services: Medium-Term Growth Trajectory Priced In.

<ul><li>We hosted the ISG index call (link) and the key message was recovery in the business environment ahead</li><li>While ISG maintained the CY23 outlook on growth in managed services deal bookings (+5% for CY23), recovery ahead is based on (1) improving pipeline for new scope projects (vs renewals &amp; extension heavy recently that drove vendor consolidation) (2) approval threshold for projects and transition timelines normalising with stable pricing environment (3) pipeline build-up for SIs with increased enterprise interest in captives and (4) stability to return in BFSI, which was impacted by executive movement earlier in enterprises</li><li>The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary services</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We hosted the ISG index call (link) and the key message was recovery in the business environment aheadWhile ISG maintained the CY23 outlook on growth in managed services deal bookings (+5% for CY23), recovery ahead is based on (1) improving pipeline for new scope projects (vs renewals &amp; extension heavy recently that drove vendor consolidation) (2) approval threshold for projects and transition timelines normalising with stable pricing environment (3) pipeline build-up for SIs with increased enterprise interest in captives and (4) stability to return in BFSI, which was impacted by executive movement earlier in enterprisesThe current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary servicesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

L&T Technology Services Limited operates as an engineering services company. The Company offers design and development solutions throughout the entire product development chain for various industries, including industrial products, consumer electronics, medical devices, telecommunications, automotive, aerospace, trucks and off-highway vehicles, and process engineering.

L&T Technology Services Limited (LTTS IN)

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L&T Technology Services Limited (LTTS IN)

HSIE Results Daily: L&T Technology Services, Federal Bank

L&T Technology Services: L&T Technology Services (LTTS) maintained its FY24E outlook implying a strong exit in Q4FY24E, even as Q3 performance was...

HDFC Securities

IT Sector - Soft Q2, Status Quo Remains

Most of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows

HDFC Securities

L&T Technology Services: Medium-Term Growth Trajectory Priced In.

LTTS’ key differentiation as a pure-play ER&D services company is not just at the intersection of IT and OT, but more so in its strong domain...

HDFC Securities

IT Sector Update: Recovery ahead

The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary service

HDFC Securities

IT Sector Update - Recovery Ahead

The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary services

HDFC Securities

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