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Equity Bottom-Up

L&T Technology Services Limited / Equity Bottom-Up

<ul><li>LTTS’ prowess as a leading pureplay ER&amp;D service provider with a diversified vertical base and strong credentials across domains persists</li><li>However, a longer deal conversion cycle, business cyclicality (weakness in Q1FY25E) despite strong industrial tailwinds and softness in margins due to investments for org structure changes are risks</li><li>Q4 print came in line and was supported by seasonality in the SWC business</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.

LTTS’ prowess as a leading pureplay ER&amp;D service provider with a diversified vertical base and strong credentials across domains persistsHowever, a longer deal conversion cycle, business cyclicality (weakness in Q1FY25E) despite strong industrial tailwinds and softness in margins due to investments for org structure changes are risksQ4 print came in line and was supported by seasonality in the SWC businessContent 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 (Q4FY24): Margin Caution, Weak Guidance. Maintain REDUCE

<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.

Thematic (Sector/Industry)

<ul><li>IT sector (coverage universe) growth is expected to bottom out in Q4FY24 and recover ‘gradually’ in FY25E</li><li>The slowdown in macro is still a baseline scenario and lower discretionary spending and slower conversion from TCV to revenue is a feature and not a bug—at least in the near term—and deals will be focused on cost optimisation</li><li>Growth divergence will continue within the sector and guidance for FY25E is likely to factor in improved H2 performance.</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.

IT sector (coverage universe) growth is expected to bottom out in Q4FY24 and recover ‘gradually’ in FY25EThe slowdown in macro is still a baseline scenario and lower discretionary spending and slower conversion from TCV to revenue is a feature and not a bug—at least in the near term—and deals will be focused on cost optimisationGrowth divergence will continue within the sector and guidance for FY25E is likely to factor in improved H2 performance.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.

IT Sector (Q4FY24E Results Preview): Transition period from ‘gradually’ to ‘eventually’

<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.

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)

L&T Technology (Q4FY24): Margin Caution, Weak Guidance. Maintain REDUCE

LTTS’ prowess as a leading pureplay ER&D service provider with a diversified vertical base and strong credentials across domains persists

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 (Q4FY24E Results Preview): Transition period from ‘gradually’ to ‘eventually’

IT sector (coverage universe) growth is expected to bottom out in Q4FY24 and recover ‘gradually’ in FY25E. The slowdown in macro is still a...

HDFC Securities

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

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