L&T Tech Services Q1FY23 net increase 27% YoY at Rs 274 Cr amid surge in deals

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L&T Technology ServicesFor the first quarter ending June 30, 2022, a net profit of Rs 274 Crore was reported. This is an increase 27 per cent over the previous year. The profit increased sequentially by 4.7%.


The company’s revenue, which focuses on engineering, increased by 23% YoY at Rs 1,873 Crore, and 6.7% sequentially.


The FY23 revenue growth guidance of 13.5-15.5 Percent was also confirmed by the company. Dollar revenue increased by 3.2 percent to $239.5million, while constant currency was at 4.7%.


During the quarter A $50 million plus deal was struck, along with four deals worth $15 million and two deals of $10 million with TCV.


“We started the new fiscal on a strong note with revenue growing sequentially by 4.7 per cent in constant currency terms. Growth was led by plant engineering and industrial products, benefitting from spends towards digital manufacturing, energy transition and smart & connected products. Our focus on big bets has helped us align ourselves with these strategic and multi-year customer programs,” said Amit Chadha, CEO & MD, .


He explained that the deal wins were distributed across segments. With a $50 million deal in Quarter 1, the Aerospace and Rail segment of the company is experiencing a revival in large deal bookings. “We recently opened an engineering design centre in Toulouse, France to cater to new age digital requirements of Aerospace. We see a broad-based pipeline of opportunities which gives us confidence of the growth momentum sustaining,” added Chadha.


EBIDTA margins amounted to 21.4 percentage points for the quarter. Despite the higher attrition, margins were still better managed. According to the company, attrition was 23.2 percent in Q1 FY23, compared with 20.4 percent in Q4 FY22. 21.433 employees now make up the total headcount.


The Q1FY23 patent portfolio was at its lowest point. 913. 625 were co-authored with customers, while the rest are filed. .

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