L&T Technology Services Q3 net profit up 33.7% YoY to Rs 249 cr

Profit up 8.17% sequentially; revenue growth 20% YoY at Rs 1,687 crore

L&T Technology Services reported net profit of Rs 248.8 crore up 33.7 per cent year-on-year and grew 8.17 per cent on sequential basis.

The company reported revenue growth of 20 per cent year-on-year at Rs 1,687 crore and was up almost 5 per cent on quarter-on-quarter basis.

During the quarter, LTTS won a $45 million deal and a total of three deals with TCV of $10 million plus. Revenues from digital and leading-edge technologies stood at 56 per cent during the quarter.

“We sustained our performance trajectory with sequential growth of 4.2 per cent in constant currency led by strong demand across segments. The deal conversations and pipeline in our six big bets - Electric Autonomous & Connected Vehicle (EACV), 5G, Med-tech, AI & Digital Products, Digital Manufacturing and Sustainability – continues to see healthy improvement as our customers make steady progress on their long-term transformative journeys,” said Amit Chadha, CEO & Managing Director, L&T Technology Services.

The company is also expanding its EACV global presence with the addition of an engineering R&D center in Krakow, Poland that will strengthen our strategic partnership with European and Global clients.

“In line with our long-term growth prospects and strategy, we invested in hiring and onboarding a record 1,900 plus trainees leveraging our Global Engineering Academy that is focused on continuous training and upskilling. Despite the robust employee addition, we further improved our Operating margin to 18.6%, reflecting gains from investments in talent and innovation,” said Chadha.

The company had a total headcount of 20,118 at the end of the Q3.