IT Consulting & Software company L&T Technology Services announced Q3FY24 results:
Financial Performance Highlights
- Revenue: Rs 24,218 million, marking a 12.3% YoY increase and a 1.5% QoQ growth.
- Net Profit: Stood at Rs 3,362 crore, which is a 13% YoY increase.
- USD Revenue: $290.7 million, up by 11% YoY and up 1% QoQ.
- EBIT Margin: Reported at 17.2%.
Operational Performance
- The company signed six TCV deals worth over USD 10 million each, including one USD 40 million deal and one USD 20 million deal.
- Notable progress in new-technology focus areas including Al, software-defined vehicles (SDV), and cybersecurity with a total of 53 patents filed across different segments.
Strategic Developments
- Large Deals: Secured a significant relationship with BP to drive digital transformation.
- New Technology Focus: Progressed in Al, SDV, and cybersecurity with major wins including a USD 10 million deal in cybersecurity.
Patents and Innovations
- Patents Portfolio: Now stands at 1,249, with 811 co-authored with customers.
Human Resources
- Employee Strength: Stood at 23,298 at the end of Q3FY24.
“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.