Buy LTIMindtree; target of Rs 7700: Motilal Oswal

buy

Motilal Oswal's research report on LTIMindtree

LTIMindtree (LTIM) delivered revenue growth of 1.8% QoQ/5.6% YoY in constant currency (CC) terms vs. our estimate of +1.5% QoQ in CC. In USD terms, revenue came in at USD1.1b (up 1.1% QoQ/5.1% YoY). EBIT margin at 13.8% beat our estimate of 13.4%. PAT stood at INR10.8b, down 13.2% QoQ/7.1% YoY and largely in line with our estimate of INR11b. For 9MFY25, revenue grew 6.1% compared to 9MFY24, while EBIT/PAT declined 2.4%/0.3% in 9MFY25.

Outlook

We expect revenue/EBIT/PAT to grow 12.0%/11.8%/ 12.0% in 4QFY25 YoY. We value LTIM at 35x FY27E EPS. Our revised TP of INR7,700 implies a 29% upside potential.

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LTIMindtree - 17012025 - moti