Last Updated on January 17, 2024 by BFSLTeam BFSLTeam
L&T Technology Services Limited, India’s premier pure-play engineering services company, disclosed its financial results for the third quarter concluding on December 31, 2023. During Q3FY24, the company witnessed notable achievements, showcasing a robust double-digit growth in both revenue and profit.
Table of Content
Key Q3FY24 highlights include:
Revenue Growth
- L&T Technology Services achieved a Q3 revenue of ₹2,422 crore, marking a substantial 12% year-on-year (YoY) increase and a 2% quarter-on-quarter (QoQ) growth.
- In USD terms, the revenue reached $290.7 million, with an 11% YoY rise and a 1% QoQ increase.
Additional Read: Q3 Results Dashboard
Profit Surge
- The net profit for Q3FY24 stood at ₹336 crore, reflecting a remarkable 13% YoY growth.
Deal Signings
- During the quarter, LTTS secured a total of six deals with a Total Contract Value (TCV) exceeding USD 10 million each, spanning various industry segments. Notable among them were a USD 40 million deal and a USD 20 million deal. Additionally, the company inked two significant empanelment agreements.
Segment Growth
- All five business segments demonstrated positive growth for the second consecutive quarter, resulting in a 1% sequential growth despite seasonal softness.
Strategic Partnership
- A significant milestone was the initiation of a substantial relationship with bp to drive digital transformation.
Additional Read: L&T Technologies Services Share Price
Noteworthy Recognitions
In addition to financial performance, L&T Technology Services received noteworthy recognitions:
Zinnov Ratings
- LTTS secured leadership positions across 14 Engineering domains and was recognized as leaders in Overall 2023 ER&D Services, Digital Engineering Services, Data & AI Engineering Services, and Industry 4.0 Ratings 2023. It maintained leadership across sectors such as Automotive, Aerospace, Electrification, Industrial, Telecom, Semiconductors, and Telehealth.
Preferred Workspace
- Marksmen Daily named LTTS as the Most Preferred Workspace 2023-24 in the IT/ITES category.
Digital Engineering Awards
- LTTS participated in the Digital Engineering Awards, co-hosted by ISG, and was celebrated for its contributions to diverse sectors across North America, Europe, and the Asia Pacific.
Patent Portfolio
- As of Q3FY24, L&T Technology Services holds a robust patents portfolio of 1,249, with 811 co-authored with customers and the remainder filed by LTTS.
Human Resources
- The company’s employee strength reached 23,298 at the end of Q3FY24.
Achievements
The company achieved notable progress in each of your new-technology focus areas – AI, software-defined vehicles (SDV), and cybersecurity. In AI, the company filed 53 patents across segments like Transportation, Medical, and Industrial Products. L&T’s first major win in SDV involved partnering with a US OEM to define the architecture of their next-generation automobiles. Continuing the success, the company secured a $10M plus deal in cybersecurity through SWC leveraged global wins. These victories attest to the company’s differentiated offerings, positioning you as strategic partners to your customers.
All five segments experienced positive growth for the second consecutive quarter, resulting in a 1% sequential growth despite seasonal softness. A significant milestone was the initiation of a substantial relationship with bp to drive digital transformation. The company’s operational performance remained steady, contributing to the achievement of double-digit profit growth, as highlighted by Amit Chadha, CEO & Managing Director of L&T Technology Services Limited.
About L&T Technology Services Ltd
L&T Technology Services Limited, a listed subsidiary of Larsen & Toubro Limited, specialises in Engineering and R&D services. Offering consultancy, design, development, and testing services, LTTS serves a customer base that includes 69 Fortune 500 companies and 57 of the world’s top ER&D firms. Headquartered in India, LTTS boasts over 23,200 employees, spread across 22 global design centres, 28 sales offices, and 105 innovation labs as of December 31, 2023.
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Source : https://www.ltts.com/press-release/Q3FY24-results
