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Citigroup has buy on L&T Infotech, target price Rs 1855

The brokerage has opened a 90-days positive catalyst watch on th stock as it expects the company to report healthy revenues in the third quarter.

ETMarkets.com|
Updated: Dec 05, 2019, 08.41 AM IST
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Citigroup has a buy rating on L&T Infotech in the long term with a target price of Rs 1855. The stock ended up 3.1% at Rs 1670.60 on Wednesday while the BSE Sensex closed 174.84 points up at 40,850.29.

Company Financials

For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 2570.70 crore, up 3.45 % from last quarter sales of Rs 2484.90 crore and up 10.27 % from last year same quarter sales of Rs 2331.20 crore. The company has reported net profit after tax of Rs 360.40 crore in the latest quarter.

The company’s top management includes Mr.A M Naik, Mr.Arjun Gupta, Mr.M M Chitale, Mr.Nachiket Deshpande, Mr.R Shankar Raman, Mr.S N Subrahmanyan, Mr.Samir Desai, Mr.Sanjay Jalona, Mr.Sanjeev Aga, Mr.Sudhir Chaturvedi, Mr.Sudip Banerjee, Ms.Vedika Bhandarkar. Company has B K Khare & Co. as its auditors. As on 30-09-2019, the company has a total of 173,930,566 shares outstanding.

Investment Rationale

The brokerage has opened a 90-days positive catalyst watch on th stock as it expects the company to report healthy revenues in the third quarter given that some of the client-specific issues are now behind and large deals signed over the past few quarters are ramping up. The momentum of deal wins has continued to be decent and should provide growth visibility in FY21, it said.

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