L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, announced its results for the third quarter ended December 31, 2023.
Highlights for Q3FY24 include:
- Revenue at ₹24,218 million; growth of 12% YoY and 2% QoQ
- USD Revenue at $290.7 million; growth of 11% YoY and 1% QoQ
- EBIT margin at 17.2%
- Net profit at ₹3,362 million; growth of 13% YoY
During the quarter, LTTS signed a total of six USD 10 million plus TCV deals across all industry segments that include one USD 40 million deal and one USD 20 million deal. Additionally, we signed two significant empanelment agreements.
“We have made notable progress in each of our new-technology focus areas – AI, software defined vehicles (SDV) and cybersecurity. In AI, we filed 53 patents across segments like Transportation, Medical and Industrial Products. We had our first major win in SDV with a US OEM to define the architecture of their next generation automobiles. And continuing our SWC leveraged global deal wins, we won a $10M plus deal in cybersecurity. These wins are a testimony to our differentiated 
offerings that enable us to become strategic partners to our customers.
All 5 segments grew positively for the second quarter in a row giving us 1% sequential growth despite the seasonal softness. A milestone win for us was the start of a significant relationship with bp to drive digital transformation. Our operational performance was steady helping us achieve double digit profit growth.” said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.