L&T Tech Q1 PAT rises 4.7% QoQ to Rs 274 cr

L&T Technology Services (LTTS) reported a 4.7% rise in consolidated net profit to Rs 274.20 crore on 6.7% increase in revenue to Rs 1,873.70 crore in Q1 FY23 over Q4 FY22.

As compared to Q1 FY22, the company's consolidated net profit and revenue surged by 26.9% and 23.4%, respectively.

EBITDA rose 5.4% quarter on quarter (QoQ) and 26.2% year on year (YoY) to Rs 401 crore in Q1 FY23. EBITDA margin stood at 21.4% as in Q1 FY23 as against 21.7% in Q4 FY22 and 20.9% in Q1 FY22. EBIT margin was at 18.3% as in Q1 FY23 as against 18.6% in Q4 FY22 and 17.3% in Q1 FY22.

In dollar terms, the company's revenue stood at $239.5 million for the quarter, registering a growth of 3.2% QoQ and 16.5% YoY. In constant currency, the firm reported a growth of 4.7% QoQ and 19.9% YoY.

During the quarter, LTTS won a $50 million plus deal, four $15 million deals and two deals with total contract value (TCV) of $10 million.

At the end of Q1 FY23, the patents portfolio of L&T Technology Services stood at 913, out of which 625 are co-authored with its customers and the rest are filed by LTTS. At the end of Q1 FY23, LTTS' employee strength stood at 21,433.

Amit Chadha, CEO & managing director of L&T Technology Services, said, We started the new fiscal on a strong note with revenue growing sequentially by 4.7% in constant currency. Growth was led by Plant Engineering and Industrial Products, benefitting from spends towards digital manufacturing, energy transition and smart & connected products. Our big bets focus has helped us to align ourselves with these strategic and multiyear customer programs.

He further added, Deal wins were very strong during the quarter and spread across segments. Our Aerospace and Rail segment is seeing a revival of large deal bookings with a USD 50 million deal in Q1 on the back of a stellar long-term deal that we won in the prior quarter. We recently opened an engineering design center 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."

LTTS is a listed subsidiary of Larsen & Toubro focused on Engineering and R&D (ER&D) services. It offers consultancy, design, development and testing services across the product and process development life cycle.

Shares of L&T Technology Services rose 1.45% to Rs 3,093.70 on the BSE.

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