Q3 revenue of ₹2,422 crore, up 12% YoY and 2% QoQ
Q3 net profit of ₹336 crore, up 13% YoY
The second annual Digital Engineering Awards, co-hosted by ISG, L&T Technology Services, and CNBC-TV18, celebrated organizations and individuals from 10 diverse sectors operating across North America, Europe, and the Asia Pacific.
Mumbai, January 16, 2024: L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, announced its results for the third quarter ended December 31, 2023.
Highlights for Q3 FY24 include:
- Revenue at ₹24,218 million; growth of 12% YoY and 2% QoQ
- USD Revenue at $290.7 million; growth of 11% YoY and 1% QoQ
- EBIT margin at 2%
- Net profit at ₹3,362 million; growth of 13% YoY
During the quarter, LTTS signed a total of six USD 10 million plus TCV deals across all industry segments, including one USD 40 million deal and one USD 20 million deal. Additionally, we signed two significant empanelment agreements.
“We have made notable progress in each of our new-technology focus areas: AI, software-defined vehicles (SDV), and cybersecurity. In AI, we filed 53 patents across segments like transportation, medical, and industrial products. We had our first major win in SDV with a US OEM to define the architecture of their next-generation automobiles. And continuing our SWC leveraged global deal wins, we won a $10 million plus deal in cybersecurity. These wins are a testimony to our differentiated offerings that enable us to become strategic partners with our customers.
All five segments grew positively for the second quarter in a row, giving us 1% sequential growth despite the seasonal softness. A milestone win for us was the start of a significant relationship with BP to drive digital transformation. Our operational performance was steady, helping us achieve double-digit profit growth.” said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.
Highlights and Recognitions:
- Zinnov rates LTTS in the leadership zone across 14 engineering domains:
- Rated as leaders in overall 2023 ER&D services
- Digital Engineering Services, Data and AI Engineering Services, and Industry 4.0 Ratings 2023
- Leadership across Automotive, Aerospace, Electrification, Industrial, Telecom, Semiconductors, and Telehealth
- Chosen as the Most Preferred Workspace 2023–24 in the IT/ITES category by Marksmen Daily
- The second annual Digital Engineering Awards, co-hosted by ISG, L&T Technology Services, and CNBC-TV18, celebrated organizations and individuals from 10 diverse sectors operating across North America, Europe, and the Asia Pacific. The awards witnessed a record 209 nominations across all categories. Women-in-Tech saw a big boost at the Digital Engineering Awards, with the nominations from women engineers doubling year-on-year.
Patents
At the end of Q3 FY24, the patent portfolio of L&T Technology Services stood at 1,249, out of which 811 were co-authored with its customers and the rest were filed by LTTS.
Human Resources
At the end of Q3 FY24, LTTS’ employee strength stood at 23,298.
Do Follow: CIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter
About us:
CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics.
