L&T Technology Services Ltd (LTTS) on Wednesday announced that the company recorded profit for the fiscal second quarter at Rs 319.60 crore, up 1.3 per cent in comparison to Rs 315.40 crore during the corresponding quarter of FY24, missing estimates. According to a CNBC TV18 poll, L&T Technology Services was expected to record Q2 profit at Rs 337.6 crore. It posted revenue from operations at Rs 2572.90 crore, up 7.8 per cent as against Rs 2386.50 crore during the same period of previous financial year. The company reported USD revenue at $307 million up 6.5 per cent YoY.
The company board also announced an interim dividend of Rs 17 per equity share. “The interim dividend shall be paid to equity shareholders of the company whose names will appear in the register of members or in the records of the depositories as beneficial owners of equity shares as on Friday, October 25, 2024, which is the record date fixed for the aforesaid purpose,” L&T Tech said in a regulatory filing.
Deal wins
During the quarter in review, LTTS won two $20 million and four $10 million TCV deals. Additionally, the company won two significant empanelment agreements in Sustainability.
Amit Chadha, CEO & Managing Director, L&T Technology Services Limited, said, “We had strong sequential growth of 4 per cent in Q2 led by Sustainability at 6.5 per cent on the back of earlier large deals and empanelment agreements. Mobility also had a strong showing with 5 per cent growth driven by our differentiated story on SDV and hybridization. We are seeing an uptick in AI-led deal conversations, and our portfolio of AI solutions & accelerators is helping win deals in our focus areas across segments. We have filed a total of 165 patents in AI till date.”
At the end of Q2FY25, the patents portfolio of L&T Technology Services stood at 1,394, out of which 877 are co-authored with its customers and 517 are filed by LTTS.
In terms of employee strength, LTTS employed a total of 23,698 people as at the end of Q2FY25.
FY25 guidance
The company reaffirmed its FY25 guidance of 8-10 per cent revenue growth in constant currency, and medium-term outlook of $2 billion revenue with EBIT margin of 17-18 per cent. Amit Chadha said, “With our pipeline comprising larger sized deals involving consolidation as well as advanced technology led transformation, we are confident about the vision we set for ourselves and our medium-term outlook of $2 billion revenue with an EBIT margin of 17-18 per cent.”
From: financialexpress
Financial News
