L&T Technology Services sheds 3% after tepid Q2 earnings over lack of deals

The company has declared dividend of Rs 15 per share.

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L&T Technology Services share price fell 3 percent in early trade on October 19, a day after the company reported its September quarter earnings.

L&T Technology Services posted a 3 percent jump in its second quarter net profit at Rs 282.4 crore as against Rs 274.2 crore and the rupee revenue was up 6.5 percent at Rs 1,995.1 crore as against Rs 1,873.7 crore, sequentially.

The company declared a dividend of Rs 15 per share.

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Here is what brokerages have to say about the stock and the company after its June quarter earnings:

CLSA

We maintained the ‘sell’ rating on the stock with a target at Rs 3,200 per share.

The margin is holding but deal momentum weakens. The FY23 CC revenue growth guidance implying a modest 2-3 percent CAGR over H2, reported CNBC-TV18.

Citi

We have kept the ‘sell’ call on the stock and cut target price to Rs 2,790 per share.

The revenue was in-line, while margin was ahead due to higher-than-expected rupee benefit.

The FY23 CC revenue growth guidance implies 1.1 percent QoQ growth for next two quarters, reported CNBC-TV18.

Sharekhan

We expect the deal win momentum to continue led by Transportation vertical. At CMP, the stock trades at 33.5x/30.3x/24x its FY2023/FY2024/FY2025 earnings, which looks reasonable, given healthy deal wins, continued growth momentum in its key Transportation vertical, moderation of supply side pressure and reassuring management commentary.

We maintain the ‘hold’ rating on the stock with a revised price target of Rs 3,900, given its strong deal pipeline, steady ramp up of deal wins, continuation of strong performance in the transportation vertical and moderation of supply-side pressures.

At 9:20am, L&T Technology Services was quoting at Rs 3,599.30, down Rs 73.30, or 2 percent, on the BSE.

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