Angel One: ANGELONE printed 15% growth in topline sequentially on a strong base (15% Q3), resulting in an 11% beat, led by better-than-estimated customer activity (higher average revenue-generating orders per customer) and stronger ancillary transactional revenue. Maintain REDUCE with a TP of INR 4,340, valuing LTI at 35x FY24E EPS (38x earlier and 28x being its historical average). The company had recorded a consolidated net profit of Rs 3,263 crore during the corresponding period last year when its consolidated revenues stood at Rs 20,655 crore. We cut our earnings estimate by -3/-7% for FY23/24E, factoring in revenue growth at midpoint of its guided range.
The management has retained its outlook of hitting USD 1bn revenue rate by Q2-Q3FY23E and expects to maintain >18% EBIT margin in FY23E. The industrial product vertical may face challenges in the near term due to client-specific issues and the medical device vertical is expected to exhibit protracted improvement in FY23E.
Key positives include (1) six deal wins of TCV >USD 10mn, which include one deal of USD 100mn+ TCV in EACV and another of USD 25mn+ (2) traction in the transportation vertical (also reflected in peer companies), led by electric, connected, and autonomous and (3) growth in plant engineering, with EPCM and digital services momentum. The management has guided for revenue growth guidance of 13.5-15.5% in FY23E (vs +19.5% achieved in FY22), which implies a CQGR of ~3.4% QoQ (vs a 4.1% CQGR in FY22), impacted by softness in industrial products and medical devices. L&T Technology Services: L&T Technology Services (LTTS) result came in line, with revenue growth at 3.6% QoQ CC and sustained EBITM at 18.6%.
0 kommentar(er)
