L&T Technology Services Q1 FY24 results show revenue and net profit growth

L&T Technology Services Limited (LTTS), an Indian pure-play engineering services firm and listed subsidiary of Larsen & Toubro Limited, has announced a 15% year-over-year growth in its revenue for the first quarter of the fiscal year 2024, which ended on June 30, 2023.

The company specializes in Engineering and R&D (ER&D) services, providing a wide range of services, including consultancy, design, development, and testing throughout the product and process development lifecycle.

The Q1 FY24 results show the company’s revenue standing at ₹23,014 million. In USD terms, the revenue growth was 10% YoY in constant currency, amounting to $280 million. LTTS reported a net profit of ₹3,111 million for the quarter, indicating a 13% YoY growth. Meanwhile, the EBIT margin was recorded at 17.2%.

During the first quarter, the company secured several notable deals, including one worth over USD 50 million and an additional five deals each exceeding a TCV of USD 10 million.

L&T Technology Services CEO and Managing Director, Amit Chadha, stated, “We had a quarter of strong deal wins across all five segments, the highlight being a $50M plus deal in Telecom and Hitech…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.”

In addition to its financial achievements, L&T Technology Services also announced a partnership with Palo Alto Networks to provide enterprises with security services and solutions in 5G and Operations Technology (OT). As a result of this agreement, L&T Technology Services will serve as a Palo Alto Networks Managed Security Services Partner (MSSP), delivering a range of security services to global customers across diverse industry verticals.

As of the end of Q1 FY24, LTTS reported an employee strength of 23,392. This statement reflects the company’s overall progress and commitment to innovation in the engineering and technology sector.