CITI ON LTTS ; SELL | TP ₹3,115

• Decent Q2 performance; sustaining growth and margin trends remains key. • Q3 performance faces pressure from furloughs and wage hikes. • Company targets 13–15% revenue CAGR over next 5 years and 16–17% EBIT margins. • Citi remains cautious on the sector. • Sluggish growth, intense competition, AI disruption and GCC shift remain key concerns.

L&T TECHNOLOGY SER. LTD.

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