L&T Technology Services (LTTS) reported a net profit of Rs 341 crore in the March quarter of FY24, up 1.4% quarter on quarter (QoQ). The profit for the company grew by just 0.2% on-year.
The muted growth in profit comes on the back of the company seeing a marginal decline in its operating margin which fell from 17.2% in Q3 to 16.9% in Q4, a fall of 30 basis points (1.7%). A year ago, the company’s operating margin was at 17.9%.

The revenue for the Vadodara-based company in Q4 stood at Rs 2,537 crore, up 5% sequentially. In December quarter, the engineering service provider posted a revenue of Rs 2,422 crore.

During the quarter, LTTS signed one $100 million, one $30 million and two deals each of $20 million and $10 million. Amit Chadha, CEO and MD, LTTS, said, “With a strong 5.1% sequential growth in Q4, our revenue run-rate has now crossed the $1.2Bn run-rate, a year after we moved past the $1Bn mark. We won a landmark $100 million deal in cybersecurity where we will architect and operate a sophisticated cyber intelligence centre by leveraging AI and Digital Forensic solutions.”

He added, “We are now embarking on the next stage of growth with a ‘Go Deeper to Scale’ strategy under which we will streamline our organization into 3 segments – Mobility, Sustainability and HiTech. This cohesive structure will enhance our agility and domain specialization to unlock higher value for customers and employees.”

Attrition came down from 15.8% in the December quarter to 14.8% in the just concluded quarter. The company’s total headcount increased by 514 to reach 23,812 at the end of FY24, after seeing a decline of 582 in Q3.

L&T Technology Services (LTTS) reported a net profit of Rs 341 crore in the March quarter of FY24, up 1.4% quarter on quarter (QoQ). The profit for the company grew by just 0.2% on-year.
The muted growth in profit comes on the back of the company seeing a marginal decline in its operating margin which fell from 17.2% in Q3 to 16.9% in Q4, a fall of 30 basis points (1.7%). A year ago, the company’s operating margin was at 17.9%.

The revenue for the Vadodara-based company in Q4 stood at Rs 2,537 crore, up 5% sequentially. In December quarter, the engineering service provider posted a revenue of Rs 2,422 crore.

During the quarter, LTTS signed one $100 million, one $30 million and two deals each of $20 million and $10 million. Amit Chadha, CEO and MD, LTTS, said, “With a strong 5.1% sequential growth in Q4, our revenue run-rate has now crossed the $1.2Bn run-rate, a year after we moved past the $1Bn mark. We won a landmark $100 million deal in cybersecurity where we will architect and operate a sophisticated cyber intelligence centre by leveraging AI and Digital Forensic solutions.”

He added, “We are now embarking on the next stage of growth with a ‘Go Deeper to Scale’ strategy under which we will streamline our organization into 3 segments – Mobility, Sustainability and HiTech. This cohesive structure will enhance our agility and domain specialization to unlock higher value for customers and employees.”

Attrition came down from 15.8% in the December quarter to 14.8% in the just concluded quarter. The company’s total headcount increased by 514 to reach 23,812 at the end of FY24, after seeing a decline of 582 in Q3.