L&T Technology Services reports 23% growth in Q1FY23

• Q1 Revenue of ₹1,874 crores, up 23% YoY
• Q1 Net profit of ₹274 crores, up 27% YoY

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

Highlights for Q1FY23 include:

• Revenue at ₹18,737 million; growth of 23% YoY
• USD Revenue at $239.5 million; growth of 20% YoY in constant currency
• EBIT margin at 18.3%; up 100 bps YoY
• Net profit at ₹2,742 million; growth of 27% YoY

During the quarter, LTTS won a USD 50 million plus deal, four USD 15 million deals, and two deals with TCV of USD 10 million.

Amit Chadha, CEO & Managing Director, L&T Technology Services Limited said,

“We started the new fiscal on a strong note with revenue growing sequentially by 4.7% in constant currency. Growth was led by Plant Engineering and Industrial Products, benefitting from spending towards digital manufacturing, energy transition, and smart & connected products. Our big bets focus has helped us to align ourselves with these strategic and multi-year customer programs.

Deal wins were very strong during the quarter and spread across segments. Our Aerospace and Rail segment is seeing a revival of large deal bookings with a USD 50 million deal in Q1 on the back of a stellar long-term deal that we won in the prior quarter. We recently opened an engineering design center in Toulouse, France to cater to the new-age digital requirements of Aerospace.

We see a broad-based pipeline of opportunities which gives us the confidence of the growth momentum sustaining,”

Awards & Recognitions:

• Recognized as a Great Place to Work® for its best practices across India
• LTTS has been positioned as a ‘Leader’ in all 5 quadrants for the North American market in the 2022 ISG Provider Lens Digital Engineering Services report.
• LTTS wins Golden Peacock Corporate Social Responsibility Award
• LTTS’ Chest-rAITM solution was recognized as an “Innovator” by NASSCOM in their AI GameChangers Awards 2022
• HfS Research recognized LTTS among the Top 10 Industry 4.0 Service Providers
• LTTS recognized as a ‘Leader’ in Everest Group’s Digital Product Engineering Services PEAK Matrix® Assessment 2022

Patents

• At the end of Q1FY23, the patent portfolio of L&T Technology Services stood at 913, out of which 625 are co-authored with its customers and the rest are filed by LTTS.

Human Resources

• At the end of Q1FY23, LTTS’ employee strength stood at 21,433.

source https://nrinews24x7.com/lt-technology-services-reports-23-growth-in-q1fy23/

July 15, 2022