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tata elxsi share price: What global brokerages said on LTI,…

India Inc’s performance in the June 2022 quarter so far has failed to impress global brokerages. Higher costs and falling margins are denting the prospects of most companies, the majority of analysts observed. They remain ‘neutral’ on most companies which have announced their earnings so far.

Morgan Stanley maintained its ‘equal-weight’ stance on L&T Infotech with a target price of Rs 3,900, which is quite near to its previous close of Rs 3,873.65.

“IT firm reported good margins with healthy order intake, but the attrition rate was moderate with decent headcount addition,” it added. However, the key positive was four large deals with a new TCV of $79 million, said the brokerage.

L&T Infotech reported a 27.7 per cent year-on-year (YoY) rise in net profit at Rs 634.40 crore compared with Rs 496.80 crore in the same quarter year-ago. The IT firm witnessed foreign exchange gains of Rs 82 crore from Rs 69 crore YoY.

Another brokerage firm JP Morgan is ‘underweight’ on

with a target price of Rs 3,700, which is less than half of its previous close of Rs 7,798.

“Order book remains strong and the pipeline looks healthy. CC growth continues to remain strong at 6.5 per cent, while margin expansion in a partial wage hike quarter was a positive surprise,” it added.

Tata Elxsi clocked a robust 63 per cent YoY growth in profit at Rs 184.7 crore for the quarter ended June 2022 on strong operating profit and topline growth. The company reported a 30 per cent YoY rise in the revenues from operations at Rs 725.9 crore.

Goldman Sachs is ‘neutral’ on

on the back of a steep rise in pet coke and imported coal prices, which hit the company’s bottomline. It has a target price of Rs 2,100 on the counter, while the stock settled at Rs 2,156.40 on Thursday.

The brokerage said higher fuel prices impacted the results in the June 2022 quarter. It does not expect

, and Dalmia to see a similar EBITDA decline on a sequential basis.

Cement maker ACC reported a 60 per cent YoY decline in consolidated net profit at Rs 227.35 crore in the June 2022 quarter, due to a rise in fuel costs and related inflationary impacts. The company posted a profit of Rs 569.45 crore in April-June 2021.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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