India's L&T Technology rises after co expects better second half on deal ramp up

L&T Technology Services

Wed 05:06

** Shares of IT firm L&T Technology Services LTEH.NS climb 12.1% to 4,052.3 rupees -- highest level in over nine months
** Stock records biggest pct jump since July 15, 2021
** On October 19 co reported 19.6% rise in Q2 net profit from continuing operations to 3.80 billion rupees ($40.09 million)
** Sees revenue momentum in H2 strengthening vs H1, given order backlog and pipeline improving y/y, supporting long-term goal of 13-15% revenue CAGR with EBIT margins in 16-17% range over next 5 years
** Co reported strong quarter despite volatile macro environment, driven by improved revenue conversion from earlier won large deals -- Jefferies ("buy", raises TP to 4,300 rupees from 4,180 rupees)
** 28 analysts on average rate the stock "hold", median PT 3,610 rupees -- LSEG-compiled data
** YTD, shares down 9.91%


($1 = 94.7800 Indian rupees)

 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com;))