We reiterate our Buy rating on LTIMindtree due to its superior offerings in data engineering and ERP modernization, positioning it well to capture pre-GenAI expenditures.
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Motilal Oswal Report
LTIMindtree Ltd. delivered revenue growth of 1.8% QoQ/5.6% YoY in constant currency terms versus our estimate of +1.5% QoQ in CC. In USD terms, revenue came in at $1.1 billion (up 1.1% QoQ/5.1% YoY). Ebit margin at 13.8% beat our estimate of 13.4%. PAT stood at Rs 10.8 billion, down 13.2% QoQ/7.1% YoY and largely in line with our estimate of Rs 11 billion.
For 9M FY25, revenue grew 6.1% compared to 9M FY24, while Ebit/PAT declined 2.4%/0.3% in 9M FY25. We expect revenue/Ebit/PAT to grow 12.0%/11.8%/ 12.0% in Q4vFY25 YoY. We value LTIMindtree at 35 times FY27E EPS. Our revised target price of Rs 7,700 implies a 29% upside potential.
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