LTIMindtree
LTIMindtree Ltd (NS:) (LTIM) reported largely in-line performance in Q1FY24. With flat sequential revenue performance in Q1, the asking rate is substantial (>4% CQGR) for LTIM to achieve its ‘aspirational’ double-digit growth for FY24E. We believe that LTIM will continue to grow at a considerable growth premium to tier-1 IT and the company will take market share from tier-1 IT (5% of India tier-1 IT but ~9% share of incremental growth).
Q1 FY24 highlights:
LTIM posted revenue of USD 1,059mn (HSIE est. USD 1,066mn), +0.1% QoQ CC and 8.2% YoY CC.
Sequential growth was led by the Hi-Tech vertical recovery (+3.2% QoQ following the prior two-quarters of decline), supported…
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