L&T Technology Services Limited (LTTS), a global leader in engineering and technology services, announced an 8% year-on-year growth in revenue for the second quarter ending September 30, 2024. The company reported revenues of ₹2,573 crore, reflecting a 4.5% quarter-on-quarter growth, with USD revenue reaching $307 million, up 3.9% QoQ and 6.5% YoY.
Key Financial Highlights:
- Revenue: ₹2,573 crore, a growth of 8% YoY and 4.5% QoQ.
- USD Revenue: $307 million, a growth of 6.5% YoY.
- EBIT Margin: 15.1%.
- Net Profit: ₹319.6 crore, marking a 1.3% YoY growth.
- Interim Dividend: ₹17 per share; Record date: October 25, 2024.
During the quarter, LTTS secured several significant deals, including two USD 20 million and four USD 10 million total contract value (TCV) deals. The company also entered two major empanelment agreements in the sustainability sector.
New Brand Positioning and Strategic Growth Ambitions
LTTS launched its new brand positioning – Purposeful. Agile. Innovation. – which aims to create a future-focused platform to drive growth across three strategic segments: Mobility, Sustainability, and Tech. The company has set an ambitious goal to transform each of these segments into standalone billion-dollar units.
Amit Chadha, CEO & Managing Director of LTTS, commented:
“Our new brand positioning reflects our strategic direction. We are seeing strong sequential growth across segments, particularly in sustainability (6.5% growth) and mobility (5% growth). Additionally, AI-led deal conversations are gaining momentum, and our portfolio of AI solutions has helped us secure key deals.”
LTTS has set a medium-term target of achieving $2 billion in revenue, with an EBIT margin of 17-18%.
Awards and Recognitions:
- Caterpillar Supplier Excellence Award 2024: Honoring LTTS’ commitment to high-quality and sustainable products and services.
- John Deere’s Achieving Excellence Program: LTTS awarded ‘Partner-level Supplier’ status for the fourth time.
- Ranked among the Top 3 Global Pure-play Engineering Services Providers by Everest Group.
- Rated as Market Leaders in the 2024 HFS Horizons Report for IoT Service Providers.
- CSR Times Award 2024: LTTS’ ‘Sampoorna Poshan’ initiative recognized for its impact in maternal and childcare programs.
Patents and Innovation:
LTTS continues to build a strong portfolio of patents, with 1,394 patents filed as of Q2 FY25, 877 of which are co-authored with customers.
Human Resources:
As of Q2 FY25, LTTS’ workforce strength stands at 23,698 employees globally.
