Midcap IT services company L&T Technology Services (LTTS) reported a 4.1% drop year-on-year (YoY) at Rs 322.4 crore for the third quarter ending December of the current fiscal year impacted by currency headwinds and seasonal furloughs – fewer working days because of holiday season.The profit stood at Rs 319.6 crore in the same quarter a year ago. Sequentially, net profit grew 0.9% from Rs 336.2 crore. However, the Larsen & Toubro (L&T) subsidiary reported its highest ever large deal bookings helping revenue jump 9.5% YoY to Rs 2,653 crore from Rs 2,421 crore a year ago.
On a QoQ basis, revenue was higher by 3.1% from Rs 2,572.9 crore. “We had a strong quarter with 3.1% growth in constant currency led by our Tech (11%) within which Medtech, communications, hi-tech and media saw the deal momentum pick up. This also helped building up the margin trajectory,” said Amit Chadha, CEO & MD at LTTS.
LTTS signed a total of eight deals with one $50 million deal and two each worth $35 million and $25 million. “CY25 will be better than CY24. Our pipeline today is bigger than what it was a quarter and a year ago. We have multiple $50 million and $100 million deals, that continues to build up,” Chadha said.
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