Citi maintains its sell rating on L&T Technology Services (LTTS) with a target price of ₹4,435. The brokerage notes that Q3 revenues and EBIT were slightly better than expected. Key forward-looking indicators include:
- Revenue guidance (including the recent acquisition) stands at “near 10%,” while organic guidance has been revised to “near 8%” from the earlier range of 8-10%, implying a 7% QoQ organic growth target for Q4.
- Headcount declined by 1% QoQ but increased by 1% YoY.
- The company reported its highest-ever large deal bookings, as per management, following a weak Q2.
The current market price (CMP) of the stock is ₹4,870.
Disclaimer: This report is for informational purposes only and should not be considered as financial advice. Please consult your financial advisor before making any investment decisions.
