L&T Tech Services Q1FY23 net up 27% YoY to Rs 274 cr amid surge in deals

Margins were better managed despite a higher attrition of 23.2% in Q1, up from 20.4% in Q4FY22

L&T Technology Services reported net profit of Rs 274 crore for the first quarter ended June 30, 2022 up 27 per cent year-on-year. Sequentially the profit was up 4.7 per cent.

Revenue for the company, which focuses on engineering services, grew at 23 per cent YoY at Rs 1,873 crore, abd 6.7 per cent sequentially.

The company also reaffirmed the FY23 revenue growth guidance of 13.5-15.5 per cent. The firm's dollar revenue grew 3.2 per cent at $239.5 million, and came in at 4.7 per cent in constant currency.

During the quarter, LTTS won a $50 million plus deal,