External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

L&T Technology Services / Equity Bottom-Up

<ul><li>L&amp;T Technology Services (LTTS) recently unveiled its medium-term growth aspirations</li><li>It aims to reach USD 2bn revenue over the medium term with EBITM at 17-18%</li><li>LTTS has a marquee client base (61 of T100 global ER&amp;D spenders)</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 (LTTS) recently unveiled its medium-term growth aspirationsIt aims to reach USD 2bn revenue over the medium term with EBITM at 17-18%LTTS has a marquee client base (61 of T100 global ER&amp;D spenders)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 Aspirations Nearly Factored In. Maintain REDUCE

<ul><li>L&amp;T Technology Services (LTTS) has strong credentials as a leading pure-play engineering services provider with low churn</li><li>Still, it faces challenges of scale, longer deal conversion cycle and business cyclicality</li><li>The upside seems capped as current growth numbers for LTTS already factor in the incremental revenue addition of 2x its historical organic average</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 (LTTS) has strong credentials as a leading pure-play engineering services provider with low churnStill, it faces challenges of scale, longer deal conversion cycle and business cyclicalityThe upside seems capped as current growth numbers for LTTS already factor in the incremental revenue addition of 2x its historical organic averageContent 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: Volatility to Persist. Maintain REDUCE

<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.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Accenture reported robust Q2FY23 numbers which stood above street expectations.</li><li>Revenue for the quarter stood at $15.8 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.</li><li>Beating the street expectation of revenue growth, the company’s operating margins also improved by 10bps to 13.8%.</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.

Accenture reported robust Q2FY23 numbers which stood above street expectations.Revenue for the quarter stood at $15.8 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.Beating the street expectation of revenue growth, the company’s operating margins also improved by 10bps to 13.8%.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.

Accenture - Results Beat Expectations Albeit with Lower Guidance

India

L&T Technology Services (LTTS) is an Indian multinational technology company specializing in Engineering Research and Development (ER&D) services. It offers consultancy, design, development, and testing services across various industries including automotive, medical devices, telecom, and industrial products. LTTS is headquartered in Vadodara, India, and was founded in 2012.

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L&T Technology Services (LTTS IN)

L&T Technology Services: Medium-Term Aspirations Nearly Factored In. Maintain REDUCE

L&T Technology Services (LTTS) recently unveiled its medium-term growth aspirations. It aims to reach USD 2bn revenue over the medium term with...

HDFC Securities

L&T Technology Services: Volatility to Persist. Maintain REDUCE

L&T Technology Services (LTTS) has strong credentials as a leading pure-play engineering services provider with low churn. Still, it faces...

HDFC Securities

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

Accenture - Results Beat Expectations Albeit with Lower Guidance

Revenue for the quarter stood at $15.8 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of...

Axis Direct

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