L&T Technology Services Reports 23 Percent Growth in Q1FY23

Business Wire India

• Q1 Revenue of Rs 1,874 crore, up 23% YoY
• Q1 Net profit of Rs 274 crore, up 27% YoY

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 Rs 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 Rs 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.

“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 spends 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 new age digital requirements of Aerospace.

We see a broad-based pipeline of opportunities which gives us confidence of the growth momentum sustaining,” said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.

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 America market in the 2022 ISG Provider Lens™ Digital Engineering Services report.
• LTTS wins Golden Peacock Corporate Social Responsibility Award
• LTTS’ Chest-rAI^TM solution 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 patents 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.