L&T Technology Services share price: Reduce L&T Technology Services, target price Rs 3908: ICICI Securities

Mabel R. Acton
ICICI Securities has reduce call on L&T Technology Services Ltd. with a target price of Rs 3908. The current market price of L&T Technology Services is Rs 4212.75. Time period given by analyst is one year when L&T Technology Services Ltd. price can reach defined target.



L&T Technology Services Ltd., incorporated in the year 2012, is a Mid Cap company (having a market cap of Rs 44791.02 Crore) operating in IT Software sector.

L&T Technology Services Ltd. key Products/Revenue Segments include Service (Engineering) for the year ending 31-Mar-2020.

Financials

For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 1724.50 Crore, up 5.35 % from last quarter Total Income of Rs 1637.00 Crore and up 18.97 % from last year same quarter Total Income of Rs 1449.50 Crore. Company reported net profit after tax of Rs 249.60 Crore in latest quarter.

Investment Rationale
While LTTS is well positioned to play the ERD theme and grow at premium rates, the brokerage does not find the risk-reward favourable. It values the stock at 32x (earlier 34x) FY24E EPS. It maintains REDUCE rating with a revised target price of Rs3,908 (prior: Rs4,413).


Promoter/FII Holdings
Promoters held 73.9 per cent stake in the company as of 31-Mar-2022, while FIIs owned 7.14 per cent, DIIs 5.2 per cent.

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