L&T Technology Services Limited, one of the pure play engineering services companies in India, on July 15 reported a net profit of Rs 274 crore for the June quarter (Q1FY23), up 27 percent year-on-year. Revenue for the quarter grew 23 percent YoY at Rs 1,874 crore. In dollar terms, revenue for the period came in at $239.5 million, a growth of 20% YoY in constant currency, the company said in its press release. EBIT (earnings before interest and tax) margins for the quarter stood at 18.3%, up 100 bps on a YoY basis.
The company won a $50 million plus deal, four $15 million deals, and two deals with TCV of $10 million, during the quarter.
“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 spending 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," said Amit Chad ha, CEO & Managing Director, L&T Technology Services Limited.
"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 the new-age digital requirements of Aerospace. We see a broad-based pipeline of opportunities which gives us the confidence of the growth momentum sustaining,” added Chadha.
At the end of Q1FY23, the patent's 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.
The company's total employees count stood at 21,433 at the end of Q1FY23.
The results came after the close of the market hours. Shares of L&T Technology Services ended at Rs 3,093.70, up by Rs 44.25, or 1.45 percent on the BSE.
Information Technology stocks were trading with losses, with the S&P BSE IT Sector index decreasing 264.16 points or 0.97% at 26904.25 at 13:47 IST.
Among the components of the S&P BSE IT Sector index, Au rum Prop tech Ltd (down 4.96%), Bright com Group Ltd (down 4.95%), Tanla Platforms Ltd (down 3.81%), Birla soft Ltd (down 3.38%), NIIT Ltd (down 3.24%), were the top losers. Among the other losers were HCL Technologies Ltd (down 2.64%), 3i Infotech Ltd (down 2.53%), Wipo Ltd (down 2.4%), Nucleus Software Exports Ltd (down 2.29%), and Subex Ltd (down 2.09%).
On the other hand, Tata Elxsi Ltd (up 3.58%), Latent View Analytics Ltd (up 3.57%), and Matrimony.com Ltd (up 3.27%) turned up.
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