LTTS

L&T TECHNOLOGY SERVICES: HOLD RATING MAINTAINED WITH TP ₹4,200 AMID RESTRUCTURING Q3 revenues were weak due to deliberate restructuring, while margins surprised positively on improved revenue quality and operational efficiency. The company is exiting non-strategic and low-profit businesses, focusing on margin improvement over near-term growth. Sustainability vertical remained resilient, and the mobility segment showed early signs of recovery. Weakness in the tech segment was largely restructuring-led, preparing LTTS for a structurally stronger and more profitable business mix. Near-term growth visibility is soft, but the medium-term margin trajectory remains intact.