Neutral LTTS Ltd For Target Rs. 4,700 by Motilal Oswal Financial Services Ltd
* LTTS guided for 10% YoY CC growth in FY25, with ~8% organic contribution; looks attainable backed by broadbased strength in 4Q. We estimate 15% QoQ CC growth.
* We model EBIT margins at 15% for 4QFY25, down 90bp QoQ due to Intelliswift consolidation (150bp impact) and SG&A investments. Margins shall improve in 1HFY26 on account of tailwinds such as pyramid optimization and operational efficiencies.
* The demand outlook is steadily improving. All verticals shall grow in 4Q. The inorganic contribution from Intelliswift shall help LTTS in achieving its guidance.
* We anticipate FY26 to be better than FY25.We anticipate LTTS to provide growth guidance of 13-15% YoY CC for FY26.
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