 "Q4")
The engineering research and development services provider L&T Technology Services reported a 7% rise in its fourth-quarter revenue on Thursday, in line with street expectations, aided by strong deal wins.
Global carmakers and other transport manufacturers are increasingly pivoting to electric and self-driving models, boosting engineering R&D companies such as L&T Technology Services, which work in areas like software-defined vehicles and cybersecurity.
However, the country's broader $254 billion information technology sector has been struggling in recent quarters as clients cut spending amid inflationary pressures.
"We are now embarking on the next stage of growth with a 'Go Deeper to Scale' strategy under which we will streamline our organization into three segments - Mobility, Sustainability and HiTech," CEO Amit Chadha said.
Earlier this month, peers Tata Consultancy Services and Infosys reported smaller-than-expected quarterly revenues.
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Rival Tata Elxsi had reported a smaller-than-expected quarterly profit on Tuesday due to tepid demand in its media and communications vertical.
The company's consolidated revenue from operations rose to Rs 2,538 crore ($304.63 million) for the three months ended March 31, against analysts' expectations of RS 2,539 crore.
Its consolidated net profit rose marginally to Rs 341 crore.
The company also forecast revenue growth between 8%-10% for the fiscal year ending March 2025.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
