L&T Technology Services reports 21 per cent growth and crosses the Rs 300 crore mark in Net Profit in Q3FY23
Jan 20, 2023
Mumbai (Maharashtra) [India], January 20 (ANI/BusinessWire India): 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, 2022.
Highlights for Q3FY23 include:
- Revenue at Rs 20,486 million; growth of 21 per cent YoY
- USD Revenue at USD 248 million; growth of 14 per cent YoY in constant currency
- EBIT margin at 18.7 per cent
- Net profit at Rs 3,036 million; growth of 22 per cent YoY
During the quarter, LTTS won five USD 10 million plus TCV deals and a significant empanelment with Airbus in digital manufacturing.
"Our double-digit revenue growth momentum continued in the third quarter led by Transportation and Industrial Products. Three of the five USD 10 million plus deal wins in Q3 were from Industrial Products on the back of our differentiated capabilities such as digital twin and sustainability-driven product development.
We reported a record-high EBIT margin of 18.7 per cent in Q3 which helped us cross the milestone of INR 300 crore in quarterly profits. This demonstrates our continuing endeavour for shareholder value creation. We also crossed 1,000 patent filings, reflecting the engineering and technology talent driving growth for the company.
Towards meeting our aspiration of a USD 1.5 Bn run-rate by FY25, we are making strategic investments. In Q3, we opened a new center in Toronto for Digital Engineering and expanded our operations in Peoria to offer digital manufacturing and next-gen electrification solutions. Recently we announced the acquisition of Smart World and Communication (SWC) which is a progression of our 6 Big Bets strategy in the areas of 5G, Sustainability and Digital Products & AI. We are confident these investments will help differentiate our offerings and expand our addressable market," said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.
Awards & Recognitions:
- LTTS was awarded the Best Industry-Academia collaborations of the year by CII Industrial Innovation Awards 2022.
- LTTS won the Golden Peacock Innovation Management Award - 2022 by the Institute of Directors (IOD)
- LTTS' Global Engineering Academy was declared the winner of the organization award category at the Future of Learning and Development Summit & Awards 2022 by the UBS Forum.
- LTTS has been rated as leaders in the Zinnov Zones ER&D Services 2022 across verticals including Aerospace, Automotive, Industrial, Semiconductor, Telehealth, Telecommunication and technologies such as Electrification, Digital Engineering, Data & AI Engineering, Experience Engineering Services, and Industry 4.0.
- ISG rated LTTS as the leader and the only pure-play ESP in Manufacturing Industry Services in the US and Europe
Patents
At the end of Q3FY23, the patents portfolio of L&T Technology Services stood at 1,033, out of which 695 are co-authored with its customers and the rest are filed by LTTS.
Human Resources
At the end of Q3FY23, LTTS' employee strength stood at 21,649.
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