L&T Technology Services Limited (LTTS), a global leader in engineering and technology services, reported a robust performance for the second quarter ending September 30, 2024. The company posted an 8% year-on-year growth in revenue, reaching ₹2,573 crore, with a 4.5% quarter-on-quarter increase. USD revenue for the quarter stood at $307 million, marking a 3.9% QoQ and 6.5% YoY growth.
Key Financial Highlights:
- Revenue: ₹2,573 crore, reflecting 8% YoY and 4.5% QoQ growth.
- USD Revenue: $307 million, up 6.5% YoY.
- EBIT Margin: 15.1%.
- Net Profit: ₹319.6 crore, a 1.3% YoY growth.
- Interim Dividend: ₹17 per share; Record date: October 25, 2024.
Business Highlights:
During the quarter, LTTS secured several key contracts, including two USD 20 million and four USD 10 million deals. The company also entered two major empanelment agreements in the sustainability sector, positioning itself as a leader in green technology.
New Brand Positioning and Strategic Growth:
LTTS introduced its new brand positioning: Purposeful. Agile. Innovation., with a focus on driving growth in Mobility, Sustainability, and Tech. The company has set ambitious goals to transform each of these segments into billion-dollar standalone units.
Amit Chadha, CEO & Managing Director of LTTS, highlighted the company’s momentum, particularly in sustainability (6.5% growth) and mobility (5% growth), with AI-led deals also gaining traction.
Future Goals:
LTTS aims to achieve $2 billion in revenue with an EBIT margin of 17-18% in the medium term.
Awards and Recognitions:
- Caterpillar Supplier Excellence Award 2024: Recognized for high-quality, sustainable solutions.
- John Deere’s Partner-level Supplier Status: Fourth-time recognition for excellence.
- Ranked among the Top 3 Global Pure-play Engineering Services Providers by Everest Group.
- Recognized in the 2024 HFS Horizons Report for IoT Services.
- CSR Times Award 2024: Acknowledged for its maternal and childcare program, ‘Sampoorna Poshan.’
Patents and Innovation:
LTTS has built a strong patent portfolio, with 1,394 patents filed, 877 of which are co-authored with customers.
Workforce:
As of Q2 FY25, LTTS’ global workforce stands at 23,698 employees.
LTTS’ performance highlights its continued strength in engineering services and innovation, making it a stock to watch for potential growth and strategic expansion in future-focused sectors.
