L&T Technology Services reports 24% growth in Q2FY23

L&T Technology Services reports 24% growth in Q2FY23
L&T Technology Services reports 24% growth in Q2FY23

Q2 Revenue of Rs. 1,995 crore, up 24% YoY

Q2 Net profit of Rs. 282 crore, up 23% YoY

India, October 18, 2022: L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, announced its results for the second quarter ended September 30, 2022.

Highlights for Q2FY23 include:

  • Revenue at 19,951 million; growth of 24% YoY
  • USD Revenue at $1 million; growth of 18% YoY in constant currency
  • EBIT margin at 2%
  • Net profit at 2,824 million; growth of 23% YoY
  • Interim Dividend of 15 per share; Record date October 28, 2022

During the quarter, LTTS won a USD 60 million plus deal and a deal with TCV of USD 10 million.

“We are proud to have achieved a USD 1 billion annualized revenue run-rate in Q2 on constant currency basis. Our momentum stayed strong in the second quarter with revenue growing sequentially by 4.5% in constant currency. Investments into our EACV big bet has helped us win large deals consistently. In Q2, we won a USD 60 million plus deal – the third consecutive quarter of wins in the USD 50 to 100 million TCV range for the Transportation segment.

We had a good quarter in deals wins, especially in Europe where we closed a record high booking. There is strong demand for Digital Manufacturing Services with programs being initiated around factory automation and digital twin that are enabling us to deliver quick ROI to our Industrial Products and Plant Engineering customers.

Even as macro-economic uncertainties prevail, we do see customer investments continuing unabated in the six big bets. Our innovation led engineering and technology offerings give us the confidence of meeting our growth aspirations”, said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.

Also readTech leaders must always invest in meeting future challenges rather than just current demand

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