L&T Technology Services Reports Revenue Increase At Rs 2421.8 Cr By 12% YoY

L&T Technology Services (LTTS) reported a double-digit growth in the third quarter of FY 2024 which ended in December 2023. The company’s revenue stood at Rs 24,218 million, a growth of 12 per cent year-on-year (YoY) and 2 per cent quarter-on-quarter (QoQ).

The net profit of the engineering services company was recorded at Rs 3,362 million, a 13 per cent YoY growth.

The Q3 FY 2024 also proved positive in terms of business deals. The company signed a total of six USD 10 million plus TCV deals across all industry segments including USD 40 million deal and USD 20 million deal respectively.

Additionally, LTTS sealed two other significant empanelment agreements.

In a statement Amit Chadha, CEO & Managing Director of L&T Technology Services said, "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.”

At the end of Q3FY24, the patents portfolio of L&T Technology Services stood at 1,249, out of which 811 are co-authored with its customers and the rest are filed by LTTS.

The company disclosed a workforce of 23,298 employees, which declined by 582 in Q3 FY24.

"All five segments grew positively for the second quarter in a row giving us a 1 per cent sequential growth despite the seasonal softness," said Amit Chadha, CEO & MD, L&T Tech.