 "L&T Tech trims FY revenue growth guidance; Q2 profit up 4.7% to Rs 315 cr")
Indian engineering research and development services provider L&T Technology Services cut its revenue growth forecast for the current financial year on Tuesday, citing longer deal decision cycles and macroeconomic challenges.
The unit of engineering conglomerate Larsen and Toubro now expects revenue in dollars for this fiscal year ending March to grow 17.5 per cent -18.5 per cent in constant currency, as opposed to the previous estimate of a 20 per cent jump.
"While longer term trends for ER&D remain strong, in the short term we are seeing longer decision cycles and incremental headwinds from the macro-economic stress in various geographies," CEO Amit Chadha said in a statement.