L&T Technology and Services Q1 Results FY2023, PAT at Rs.2742 million

On 15th July 2022, L&T Technology and Services, India’s leading pure-play engineering services company, announced its quarterly results for the first quarter of FY2023

Q1FY23 Key Highlights:

- Revenue at ₹18,737 million; growth of 23% YoY 

- USD Revenue at $239.5 million; growth of 20% YoY in constant currency 

- EBIT margin at 18.3%; up 100 bps YoY 

- Net profit at ₹2,742 million; growth of 27% YoY 

- During the quarter, LTTS won a USD 50 million plus deal, four USD 15 million deals and two deals with TCV of USD 10 million

- At the end of Q1FY23, the patents portfolio of L&T Technology Services stood at 913, out of which 625 are co-authored with its customers and the rest are filed by LTTS

- At the end of Q1FY23, LTTS’ employee strength stood at 21,433.

Revenue by Industry:

- The revenue from Transportation was reported with a growth of 31.23% YoY and 6.39% QoQ

- The revenue from Plant engineering grew by 26.99% YoY and by 11% YoY for Q1FY23.

- The revenue from Industrial Products grew by 4.5% QoQ and by 17.7% YoY for Q1FY23.

- The revenue from Medical devices grew by 20.41% YoY and grew by 5.74 % QoQ for Q1FY23.

- The revenue from Telecom and High-Tech increased by 14.14% YoY and 3.71% QoQ for Q1FY23.

Commenting on the result, Amit Chadha, CEO & Managing Director, L&T Technology Services Limited said: “We started the new fiscal on a strong note with revenue growing sequentially by 4.7% in constant currency. Growth was led by Plant Engineering and Industrial Products, benefitting from spending towards digital manufacturing, energy transition, and smart & connected products. Our big bets focus has helped us to align ourselves with these strategic and multiyear customer programs. Deal wins were very strong during the quarter and spread across segments. Our Aerospace and Rail segment is seeing a revival of large deal bookings with a USD 50 million deal in Q1 on the back of a stellar long-term deal that we won in the prior quarter. We recently opened an engineering design center in Toulouse, France to cater to the new-age digital requirements of Aerospace. We see a broad-based pipeline of opportunities which gives us the confidence of the growth momentum sustaining.”