LTTS’ net profit increases 5% at Rs3,154 mn

We are investing in software defined vehicles, AI and cybersecurity: Amit Chadha

FinTech BizNews service

Mumbai, October 18, 2023: L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, has announced its results for the second quarter ended September 30, 2023. 

 Highlights for Q2FY24 include: 

• Revenue at Rs23,865 million; growth of 5% YoY and 4% QoQ 
• USD Revenue at $288.1 million; growth of 2% YoY and 3.2% QoQ in constant currency
• EBIT margin at 17.1%
• Net profit at Rs3,154 million; growth of 5% YoY 
• Interim Dividend of Rs17 per share; Record date October 27, 2023

 During the quarter, LTTS won a total of seven USD 10 million plus TCV deals across all industry segments including six deals of USD 15 million each. 

 “We had a strong performance with revenue growing by 3.2% sequentially in constant currency and operating margin sustaining at 17% plus levels even as we absorbed wage hikes for our employees. Deal momentum was strong with the highlight being a USD 10 million plus deal win leveraging SWC capabilities in North America. This win has been the result of having a superior end-to-end technology stack for wireless and 5G communications which is becoming a key differentiator for us. We are investing in software defined vehicles, AI and cybersecurity and will have close to 2,000 employees trained over the next few quarters. Our collaboration with hyperscalers and chip companies is helping us develop AI solutions and services that address needs of industries like Auto, Manufacturing and Medical. We are optimistic that such investments will strengthen our position as the engineering partner of choice for global ER&D companies.” said Amit Chadha, CEO & Managing Director, L&T Technology Services.

 Highlights and Recognitions:

• Rated by ISG as leaders in Manufacturing Industry Services and Solutions 2023 - Digital Factory/Manufacturing Solutions, North America and Agile Product Development and Design Services
• Positioned as leaders in Everest Group’s ACES Automotive Engineering Services PEAK Matrix® Assessment 2023 – Electric  
• Three smart city projects of LTTS received the prestigious RoSPA Gold Health & Safety Awards from The Royal Society for the Prevention of Accidents, UK 2023 

Patents

At the end of Q2FY24, the patents portfolio of L&T Technology Services stood at 1198, out of which 785 are co-authored with its customers and the rest are filed by LTTS.
Human Resources

At the end of Q2FY24, LTTS’ employee strength stood at 23,880.