L&T Technology Services Reports 24% YoY Growth In Q2 FY23

The company’s Voluntary Attrition (LTM) stood at 24.1 per cent, up from 23.2 per cent in Q1 FY 23

L&T Technology Services (LTTS) on Tuesday reported its Q2 FY23 results that saw its revenue jump by 24 per cent year-on-year (YoY) to Rs 1,995 crore.

During the quarter, the company recorded a Net Profit of Rs 282 crore, up 23 per cent YoY. It EBIT margin stood at 18.2 per cent in the Q2. 

The company has announced interim dividend of Rs 15 per share.

In Q2, LTTS won a USD 60 million plus deal and a deal with TCV of USD 10 million.

In a statement, Amit Chadha, CEO & Managing Director, LTTS said, “We are proud to have achieved a USD 1 billion annualised revenue run-rate in Q2 on constant currency basis. Our momentum stayed strong in the second quarter with revenue growing sequentially by 4.5 per cent in constant currency. Investments into our EACV big bet has helped us win large deals consistently. In Q2, we won a USD 60 million plus deal – the third consecutive quarter of wins in the USD 50 to 100 million TCV range for the Transportation segment.”

The company reported that it has observed continued customer investments despite macro-economic uncertainties. 

At the end of Q2 FY23, LTTS’ employee strength stood at 21,474, up from 17,983 in Q2 FY22.

The company’s Voluntary Attrition (LTM) stood at 24.1 per cent, up from 23.2 per cent in Q1 FY 23.