L&T Technology Services Reports Growth in Q3FY24

L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a prominent engineering services company in India, announced its financial results for the third quarter ending December 31, 2023.

Key Highlights of Q3FY24:

• Revenue reached ₹24,218 million, showing a 12% year-on-year (YoY) increase and a 2% quarter-on-quarter (QoQ) growth.
• Net profit amounted to ₹3,362 million, marking a 13% YoY rise.
• EBIT margin stood at 17.2%.
• USD Revenue stood at $290.7 million, reflecting an 11% YoY and 1% QoQ growth.
• Six major deals signed, including one worth USD 40 million and another for USD 20 million.
• Notable advancements in AI, software-defined vehicles (SDV), and cybersecurity, with 53 patents filed in AI.
• Recognition in 14 engineering domains by Zinnov and being named the Most Preferred Workspace 2023-24 in IT/ITES by Marksmen Daily.
• The company’s patent portfolio reached 1,249 patents by the end of Q3FY24.
• Employee strength of LTTS stood at 23,298.

During Q3FY24, LTTS signed six major deals with a total contract value (TCV) of over USD 10 million across various industry segments. This includes one deal valued at USD 40 million and another at USD 20 million. Two significant empanelment agreements were also finalized.

Amit Chadha, CEO & Managing Director of LTTS, commented on the company’s performance. He highlighted the company’s advancements in new technology areas such as AI, software-defined vehicles, and cybersecurity. The company filed 53 patents in AI across segments like Transportation, Medical, and Industrial Products. A major milestone was achieved with a US OEM for SDV, shaping the architecture of next-generation automobiles. Additionally, a $10M plus deal was secured in cybersecurity.

Chadha also noted that all five segments of the company showed positive growth for the second consecutive quarter, leading to a 1% sequential growth despite seasonal softness. A significant partnership with bp to drive digital transformation was a key achievement. The company’s operational performance remained steady, contributing to the double-digit profit growth.

In terms of recognitions, LTTS was rated in the leadership zone across 14 engineering domains by Zinnov. It was named the Most Preferred Workspace 2023-24 in the IT/ITES category by Marksmen Daily. The second annual Digital Engineering Awards, co-hosted by ISG, LTTS, and CNBC-TV18, saw a significant increase in nominations, especially from women engineers.

By the end of Q3FY24, LTTS’s patent portfolio included 1,249 patents, with 811 co-authored with its customers. The company’s employee strength stood at 23,298, marking a substantial workforce dedicated to its operations.