L&T Technology Services Limited, India’s leading pure-play engineering services company, announced its results for the first quarter ended June 30, 2023, the company announced through an exchange filing.
Highlights for Q1FY24 include:
Revenue at ₹23,014 million; growth of 15% YoY
USD Revenue at $280 million; growth of 10% YoY in constant currency
EBIT margin at 17.2%
Net profit at ₹3,111 million; growth of 13% YoY
During the quarter, LTTS won a USD 50 million plus deal, and additionally five deals with TCV of more than USD 10 million each.
“We had a quarter of strong deal wins across all five segments, the highlight being a $50M plus deal in Telecom and Hitech. Our customers continue to spend on transformational technologies and seek ER&D partners who can deliver innovation, speed-to-market and cost synergies.
Our investments into emerging technology areas like AI, Software Defined Vehicle (SDV) and cybersecurity continue to help us engage with customers on ways to prioritize strategic spends and increase market agility” said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.
Patents
At the end of Q1FY24, the patents portfolio of L&T Technology Services stood at 1,145, out of which 757 are co-authored with its customers and the rest are filed by LTTS.
Human Resources
At the end of Q1FY24, LTTS’ employee strength stood at 23,392.
L&T Technology Services Shares
The shares of L&T Technology Services on Tuesday at 3:30pm IST were at ₹4,065, down by 0.79 percent.
