L&T Technology Services Reports 7 per cent Growth in Q1FY25

BusinessWire India
Mumbai (Maharashtra) [India], July 18: L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India's leading pure-play engineering services company, announced its results for the first quarter ended June 30, 2024.
Highlights for Q1FY25 include:
* Revenue at Rs. 24,619 million; growth of 7 per cent YoY
* USD Revenue at USD 295 million; growth of 6 per cent YoY in constant currency
* EBIT margin at 15.6 per cent
* Net profit at Rs. 3,136 million; growth of 0.8 per cent YoY

During the quarter, LTTS won two USD 30 million deals, two USD 15 million deals and three deals with TCV of USD 10 million.
"We are making good progress with our 'Go Deeper to Scale' strategy and the simplification of our organization structure into three main segments. Mobility grew by 6 per cent sequentially driven by our differentiated presence across EV, SDV and connected car technology that helped us win one USD 30 Million deal and two USD 15 Million deals during the quarter. In Hi-Tech and Sustainability, our new strategy is driving a significant increase in the pipeline and large deal discussions that makes us confident of a pickup in growth momentum.
In AI, we are accelerating our investments and innovation focus leading to a total of 61 patents being filed so far. We are starting to win AI led deals on the back of our solutions in in Gen AI across Asset Health, software development and digital assistants.
With phase one of our reorganization and related investments in technology and leadership complete, we are reassured of our performance for the rest of the year and reaffirm our aspirations to reach USD 1.5 Billion in annualized revenues," said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.
Highlights and Recognitions:
* LTTS has been officially recognized as a Great Place to Work™ in the United States for the first time ever, and as a Great Place to Work in Poland for the second time in a row.
* LTTS was recognized as the Most Innovative Company of the Year 2024 - 25, by news channel ET Now.
* Won the FICCI Smart Urban Innovation Awards in the 'City Safety, Emergency Response, and Disaster Management' category for the Patna Smart City Project.
* LTTS has been rated as leaders in the Connected Product Engineering Services PEAK Matrix® Assessment 2024 in Embedded Engineering by Everest Group.
Patents
At the end of Q1FY25, the patents portfolio of L&T Technology Services stood at 1,343, out of which 853 are co-authored with its customers and the rest are filed by LTTS.

Human Resources
At the end of Q1FY25, LTTS' employee strength stood at 23,577.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by BusinessWire India. ANI will not be responsible in any way for the content of the same)