L&T TECHNOLOGY SERVICES LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 4,778 INR | -7.81% |
|
-8.68% | -9.07% |
| Apr. 26 | L&T Technology Services to Streamline Business into Three Main Segments; Shares Slide 8% | MT |
| Apr. 25 | Transcript : L&T Technology Services Limited, Q4 2024 Earnings Call, Apr 25, 2024 |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 163,535 | 121,364 | 278,781 | 538,773 | 356,802 | 505,325 | - | - |
| Enterprise Value (EV) 1 | 156,437 | 115,349 | 261,305 | 518,113 | 328,815 | 579,811 | 476,768 | 472,916 |
| P/E ratio | 21.6 x | 14.9 x | 42.2 x | 56.3 x | 30.6 x | 44.6 x | 36.7 x | 30.6 x |
| Yield | 1.34% | 1.81% | 0.83% | 0.69% | 1.33% | 0.97% | 1.13% | 1.32% |
| Capitalization / Revenue | 3.22 x | 2.08 x | 5.12 x | 8.2 x | 4.45 x | 6.01 x | 4.75 x | 4.18 x |
| EV / Revenue | 3.08 x | 1.98 x | 4.79 x | 7.89 x | 4.1 x | 6.01 x | 4.48 x | 3.92 x |
| EV / EBITDA | 17.1 x | 10.4 x | 25.9 x | 36.6 x | 19.2 x | 30.2 x | 23.1 x | 18.5 x |
| EV / FCF | 21.8 x | 23.7 x | 20.9 x | 60.9 x | 29 x | 79.9 x | 40.1 x | 34.9 x |
| FCF Yield | 4.59% | 4.22% | 4.79% | 1.64% | 3.44% | 1.25% | 2.49% | 2.86% |
| Price to Book | 6.6 x | 4.38 x | 8.03 x | 12.9 x | 7.2 x | 9.2 x | 8.16 x | 7.29 x |
| Nbr of stocks (in thousands) | 104,013 | 104,512 | 105,046 | 105,532 | 105,608 | 105,759 | - | - |
| Reference price 2 | 1,572 | 1,161 | 2,654 | 5,105 | 3,379 | 4,778 | 4,778 | 4,778 |
| Announcement Date | 5/3/19 | 5/15/20 | 5/3/21 | 4/21/22 | 4/26/23 | 4/25/24 | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 50,783 | 58,282 | 54,497 | 65,697 | 80,136 | 96,473 | 106,445 | 120,758 |
| EBITDA 1 | 9,157 | 11,104 | 10,074 | 14,149 | 17,107 | 19,190 | 20,649 | 25,510 |
| EBIT 1 | 8,104 | 9,276 | 7,891 | 12,005 | 14,792 | 16,474 | 17,561 | 22,279 |
| Operating Margin | 15.96% | 15.92% | 14.48% | 18.27% | 18.46% | 17.08% | 16.5% | 18.45% |
| Earnings before Tax (EBT) 1 | 10,314 | 11,002 | 8,973 | 13,092 | 16,437 | 18,038 | 18,971 | 22,981 |
| Net income 1 | 7,656 | 8,224 | 6,633 | 9,570 | 11,698 | 13,037 | 13,803 | 16,708 |
| Net margin | 15.08% | 14.11% | 12.17% | 14.57% | 14.6% | 13.51% | 12.97% | 13.84% |
| EPS 2 | 72.91 | 77.70 | 62.90 | 90.74 | 110.5 | 123.0 | 130.2 | 156.3 |
| Free Cash Flow 1 | 7,176 | 4,870 | 12,517 | 8,507 | 11,325 | 6,040 | 11,878 | 13,537 |
| FCF margin | 14.13% | 8.36% | 22.97% | 12.95% | 14.13% | 6.27% | 11.16% | 11.21% |
| FCF Conversion (EBITDA) | 78.37% | 43.86% | 124.25% | 60.12% | 66.2% | 31.35% | 57.52% | 53.07% |
| FCF Conversion (Net income) | 93.73% | 59.22% | 188.71% | 88.89% | 96.81% | 46.12% | 86.06% | 81.02% |
| Dividend per Share 2 | 21.00 | 21.00 | 22.00 | 35.00 | 45.00 | 46.40 | 53.95 | 62.85 |
| Announcement Date | 5/3/19 | 5/15/20 | 5/3/21 | 4/21/22 | 4/26/23 | 4/25/24 | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 14,007 | 14,405 | 15,184 | 16,077 | 16,875 | 17,561 | 18,737 | 19,951 | 20,486 | 20,962 | 23,014 | 23,824 | 24,532 | 25,391 | 25,705 |
| EBITDA 1 | 2,756 | 2,931 | 3,177 | 3,493 | 3,675 | 3,804 | 4,010 | 4,218 | 4,412 | 4,492 | 4,528 | 4,577 | 4,881 | 5,144 | 5,032 |
| EBIT 1 | 2,132 | 2,391 | 2,623 | 2,964 | 3,144 | 3,274 | 3,434 | 3,628 | 3,829 | 3,927 | 3,954 | 3,950 | 4,246 | 4,406 | 4,232 |
| Operating Margin | 15.22% | 16.6% | 17.27% | 18.44% | 18.63% | 18.64% | 18.33% | 18.18% | 18.69% | 18.73% | 17.18% | 16.58% | 17.31% | 17.35% | 16.46% |
| Earnings before Tax (EBT) 1 | 2,506 | 2,612 | 2,957 | 3,144 | 3,403 | 3,588 | 3,774 | 3,889 | 4,456 | 4,319 | 4,311 | 4,404 | 4,615 | 4,849 | 4,513 |
| Net income 1 | 1,861 | 1,945 | 2,162 | 2,300 | 2,488 | 2,620 | 2,742 | 2,824 | 3,036 | 3,096 | 3,111 | 3,144 | 3,338 | 3,479 | 3,272 |
| Net margin | 13.29% | 13.5% | 14.24% | 14.31% | 14.74% | 14.92% | 14.63% | 14.15% | 14.82% | 14.77% | 13.52% | 13.2% | 13.61% | 13.7% | 12.73% |
| EPS 2 | 17.63 | 18.42 | 20.44 | 21.77 | 23.56 | 24.78 | 25.95 | 26.68 | 28.66 | 29.22 | 29.38 | 29.47 | 31.58 | 32.72 | 31.14 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 1/20/21 | 5/3/21 | 7/14/21 | 10/19/21 | 1/18/22 | 4/21/22 | 7/15/22 | 10/18/22 | 1/19/23 | 4/26/23 | 7/18/23 | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 7,098 | 6,015 | 17,476 | 20,660 | 27,987 | 22,757 | 28,557 | 32,409 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 7,176 | 4,870 | 12,517 | 8,507 | 11,325 | 6,040 | 11,878 | 13,537 |
| ROE (net income / shareholders' equity) | 34.7% | 31% | 21.3% | 25% | 25.7% | 24.8% | 24% | 24.9% |
| ROA (Net income/ Total Assets) | 25.2% | 21.5% | 14.1% | 17.1% | 18% | 19.8% | 15.8% | 17% |
| Assets 1 | 30,345 | 38,338 | 46,881 | 55,820 | 65,043 | 66,148 | 87,366 | 98,244 |
| Book Value Per Share 2 | 238.0 | 265.0 | 331.0 | 395.0 | 469.0 | 519.0 | 586.0 | 655.0 |
| Cash Flow per Share 2 | 76.80 | 60.10 | 126.0 | 95.40 | 123.0 | 127.0 | 160.0 | 176.0 |
| Capex 1 | 885 | 1,511 | 756 | 1,555 | 1,755 | 4,498 | 3,304 | 3,229 |
| Capex / Sales | 1.74% | 2.59% | 1.39% | 2.37% | 2.19% | 4.67% | 3.1% | 2.67% |
| Announcement Date | 5/3/19 | 5/15/20 | 5/3/21 | 4/21/22 | 4/26/23 | 4/25/24 | - | - |
1INR in Million2INR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
26
Last Close Price
4,778
INR
Average target price
4,645
INR
Spread / Average Target
-2.78%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -9.07% | 6.06B | |
| -2.29% | 67.67B | |
| +2.13% | 59.37B | |
| +21.25% | 38.3B | |
| +11.23% | 30.73B | |
| +2.06% | 26.35B | |
| +22.89% | 22.01B | |
| +15.06% | 19.47B | |
| +22.99% | 17.6B | |
| +64.33% | 16.64B |
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