L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, announced its results for the first quarter ended June 30, 2022.
Highlights for Q1FY23 include:
- Revenue at ₹18,737 million; growth of 23% YoY
- USD Revenue at $5 million; growth of 20% YoY in constant currency
- EBIT margin at 3%; up 100 bps YoY
- Net profit at ₹2,742 million; growth of 27% YoY
During the quarter, LTTS won a USD 50 million plus deal, four USD 15 million deals and two deals with TCV of USD 10 million.
“We started the new fiscal on a strong note with revenue growing sequentially by 4.7% in constant currency. Growth was led by Plant Engineering and Industrial Products, benefitting from spends towards digital manufacturing, energy transition and smart & connected products. Our big bets focus has helped us to align ourselves with these strategic and multi-year customer programs.
Deal wins were very strong during the quarter and spread across segments. Our Aerospace and Rail segment is seeing a revival of large deal bookings with a USD 50 million deal in Q1 on the back of a stellar long-term deal that we won in the prior quarter. We recently opened an engineering design center in Toulouse, France to cater to new age digital requirements of Aerospace.
We see a broad-based pipeline of opportunities which gives us confidence of the growth momentum sustaining,” said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.
Awards & Recognitions:
- Recognized as a Great Place to Work® for its best practices across India
- LTTS has been positioned as a ‘Leader’ in all 5 quadrants for the North America market in the 2022 ISG Provider Lens™ Digital Engineering Services report.
- LTTS wins Golden Peacock Corporate Social Responsibility Award
- LTTS’ Chest-rAITM solution recognized as an “Innovator” by NASSCOM in their AI GameChangers Awards 2022
- HfS Research recognized LTTS among the Top 10 Industry 4.0 Service Providers
- LTTS recognized as a ‘Leader’ in Everest Group’s Digital Product Engineering Services PEAK Matrix® Assessment 2022
At the end of Q1FY23, the patents portfolio of L&T Technology Services stood at 913, out of which 625 are co-authored with its customers and the rest are filed by LTTS.
At the end of Q1FY23, LTTS’ employee strength stood at 21,433.