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L&T Technology Services Limited announced its results for the Q3FY22, recording a profitable quarter with revenue growing 18% YoY. Also, the company managed to close multiple deals during the said quarter, fueling the growth.
L&T Technology Services Records A Positive Q3FY22
In a press statement, the company noted that its revenue had stood at ₹16.875 billion, which went up 20% on-year. What's more, the US$ revenue stood just over $225 million, recording a growth of 18% on-year. Furthermore, L&T Technology Services also saw its net profit rise by 34% year-on-year to reach ₹2.488 billion.
The telecom gear maker's total EBIT margin stood at 18.6%, rising by 340 bps over a year's time. The primary reason for the growth remained the fact that LTTS closed important deals during the quarter. First, it won a $45 million deal and also closed 3 deals with TCV worth over $10 million. Incidentally, the company recorded 56% revenues from its digital and leading-edge technologies.
On the occasion, Amit Chadha, CEO & Managing Director, L&T Technology Services, said, “we sustained our performance trajectory with sequential growth of 4.2% in constant currency led by strong demand across segments. The deal conversations and pipeline in our six big bets - Electric Autonomous & Connected Vehicle (EACV), 5G, Med-tech, AI & Digital Products, Digital Manufacturing and Sustainability – continues to see healthy improvement as our customers make steady progress on their long-term transformative journeys".
Chadha added that the company will expand its EACV presence globally and improve strategic partnerships across the world. "We are expanding our EACV global presence with the addition of an engineering R&D center in Krakow, Poland that will strengthen our strategic partnership with European and Global clients," he said.
He added that LTTS onboarded almost 2,000 trainees under its Global Engineering Academy. However, that did not impact the company whatsoever; the CEO pointed out that LTTS managed to improve its operating margin to 18.6%, as a result of investing in "talent and innovation".