L&T Technology Services Q2FY23 profit up by 23% to Rs 282cr
LTTS Q2FY23 results : L&T Technology Services (LTTS) has reported a net profit of INR 282.4 crores for the second quarter of the fiscal year 2023 (Q2FY23), which is an increase of 22.8% compared to INR 230 crores for the corresponding quarter of the previous fiscal year.
The Indian pure-play engineering services company had a net profit of INR 274.2 crores for the previous quarter, that is Q1FY23.
L&T Technology Services reported its Q2FY23 diluted earnings per share (EPS) at INR 26.68, which is an increase of 22.5%, compared to INR 21.77 in Q2FY22.
For the reported second quarter ended 30 September 2022, the Larsen & Toubro subsidiary reported revenue of INR 199.51 crores, which is an increase of 24%, compared to INR 16,077 crores in Q2FY22.
In Q1FY23, L&T Technology Services revenue was INR 187.37 crores.
During the reported quarter, the engineering services company bagged a deal worth over $60 million along with a deal with TCV, which was worth $10 million.
LTTS Q2FY23 results. Photo courtesy of Lnttechservices/Wikimedia Commons.
Amit Chadha — L&T Technology Services CEO and Managing Director, commenting on LTTS Q2FY23 results, said: “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 bet has 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 a record high booking. There is strong demand for Digital Manufacturing Services with programs being initiated around factory automation and digital twin that are enabling us to deliver quick ROI to our Industrial Products and Plant Engineering customers.”
Recently, L&T Technology Services forged a partnership with Qualcomm Technologies to offer solutions for the global 5G private network industry.