L&T Technology Services reports 24% growth in Q2FY23
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India: L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, announced its results for the secondquarter ended September 30, 2022.
Highlights for Q2FY23 include:
* Revenue at ?19,951million; growth of 24% YoY
* USD Revenue at $247.1million; growth of 18% YoY in constant currency
* EBIT margin at 18.2% ? Net profit at ?2,824million; growth of 23% YoY
* Interim Dividend of ?15 per share; Record date October 28, 2022
During the quarter, LTTS won a USD60 million plus dealand a deal with TCV of USD10 million.
“We are proud to have achieved a USD 1 billion annualized revenue run-rate in Q2 on constant currency basis.Our momentum stayed strong in the second quarter with revenue growing sequentially by 4.5% in constant currency. Investments into our EACV big bethas helped us win large deals consistently. In Q2, we won a USD 60 million plus deal - the third consecutive quarter of wins in the USD 50 to 100 million TCV range for the Transportation segment.
We had a good quarter in deals wins, especially in Europe where we closed arecord high booking.There is strong demand for Digital Manufacturing Services with programs being initiated around factory automationand digital twinthat are enabling us to deliver quick ROI to our Industrial Products and Plant Engineering customers.
Even as macro-economic uncertainties prevail, we do see customer investments continuing unabated in the six big bets. Our innovation led engineering and technology offerings give us the confidence of meeting our growth aspirations”,said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.
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