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Last Updated : May 21, 2020 08:23 PM IST | Source: Moneycontrol.com

Buy Larsen and Toubro Infotech; target of Rs 2050: ICICI Direct

ICICI Direct is bullish on Larsen and Toubro Infotech has recommended buy rating on the stock with a target price of Rs 2050 in its research report dated May 21, 2020.

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ICICI Direct's research report on Larsen and Toubro Infotech


Larsen & Toubro Infotech (LTI) reported a stellar quarter on all fronts despite challenging times due to the Covid 19 pandemic. Dollar revenues grew 3.9% QoQ (vs. our expectation of 3.0%). In addition, EBIT margins improved 48 bps QoQ to 16.7% (vs. our expectation of 16.4%). Digital revenues continue to be strong growing 3.3% QoQ, 24.6% YoY. LTI won two large deals in the quarter with net new TCV of more than US$100 million taking the total number of large deals to eight for full year FY20.



Outlook


As a result, we maintain BUY rating on the stock with a target price of Rs 2050/share (19x PE on FY22E EPS).


For all recommendations report, click here


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First Published on May 21, 2020 08:23 pm
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