L&T Technology Services announces impressive Q2FY24 results

L&T Technology Services Limited, one of India’s premier pure-play engineering services firms, has shared its Q2FY24 financial performance. Key figures for the period ending September 30, 2023, showcase:

• A revenue peak of ₹23,865 million, marking a 5% YoY and 4% QoQ growth.
• USD earnings standing at $288.1 million, indicating a growth of 2% YoY and an impressive 3.2% QoQ in constant currency.
• An EBIT margin positioned at 17.1%.
• A net profit growth reaching ₹3,154 million, registering a 5% YoY increase.
• The announcement of an interim dividend valued at ₹17 per share, with the record date marked as October 27, 2023.

Key Deals and Collaborations Fuel Growth

Over the quarter, the company secured an impressive seven deals, each surpassing the USD 10 million total contract value (TCV) threshold. This includes six deals, each worth USD 15 million. Discussing this momentum, Amit Chadha, CEO & Managing Director of L&T Technology Services Limited, stated, “We had a strong performance with revenue growing by 3.2% sequentially in constant currency and operating margin sustaining at 17% plus levels even as we absorbed wage hikes for our employees. Deal momentum was strong with the highlight being a USD 10 million plus deal win leveraging SWC capabilities in North America.”

Forward-Thinking Investments in Technology

Chadha also underscored the company’s forward-thinking approach, pointing out their evolving technology offerings. He shared, “This win has been the result of having a superior end-to-end technology stack for wireless and 5G communications which is becoming a key differentiator for us. We are investing in software defined vehicles, AI and cybersecurity and will have close to 2,000 employees trained over the next few quarters. Our collaboration with hyperscalers and chip companies is helping us develop AI solutions and services that address needs of industries like Auto, Manufacturing and Medical. We are optimistic that such investments will strengthen our position as the engineering partner of choice for global ER&D companies.”