L&T Technology Services Limited has announced its results for the third quarter ended December 31, 2022.
Highlights for the company’s Q3’ FY23 include the company clocking growth of 21% YoY with a Revenue at ₹20,486 million; the EBIT margin is reported at 18.7%. The company announced a Net profit of ₹3,036 million and a growth of 22% YoY.
During the quarter, LTTS won five USD 10 million plus TCV deals and a significant empanelment with Airbus in digital manufacturing.
“Our double-digit revenue growth momentum continued in the third quarter led by Transportation and Industrial Products. Three of the five USD 10 million plus deal wins in Q3 were from Industrial Products on the back of our differentiated capabilities such as digital twin and sustainability driven product development.
We reported a record high EBIT margin of 18.7% in Q3 which helped us cross the milestone of INR 300 crore in quarterly profits. This demonstrates our continuing endeavor for shareholder value creation. We also crossed 1,000 patent filings, reflecting the engineering and technology talent driving growth for the company.
Towards meeting our aspiration of a USD 1.5 Bn run-rate by FY25, we are making strategic investments. In Q3, we opened a new center in Toronto for Digital Engineering and expanded our operations in Peoria to offer digital manufacturing and next-gen electrification solutions. Recently we announced the acquisition of Smart World and Communication (SWC) which is a progression of our 6 Big Bets strategy in the areas of 5G, Sustainability and Digital Products & AI. We are confident these investments will help differentiate our offerings and expand our addressable market”, said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.