Conference Call with L&T; Technology Services Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.
IT Consulting & Software company L&T; Technology Services announced Q2FY24 results: 1. Financial Performance: - Revenue of Rs 2,387 crore, up 5% YoY and 4% QOQ - Net profit of Rs 315 crore, up 5% YoY - EBIT margin at 17.1% 2. Deal Wins: - Won a total of seven USD 10 million plus TCV deals across all industry segments, including six deals of USD 15 million each - Highlighted a USD 10 million plus deal win leveraging SWC capabilities in North America 3. Business Highlights: - Strong revenue growth of 3.2% sequentially in constant currency - Operating margin sustained at 17% plus levels - Investing in software-defined vehicles, AI, and cybersecurity - Collaboration with hyperscalers and chip companies to develop AI solutions and services - Focus on becoming the engineering partner of choice for global ER&D; companies 4. Recognitions and Awards: - Rated as leaders in Manufacturing Industry Services and Solutions 2023 by ISG - Positioned as leaders in ACES Automotive Engineering Services PEAK Matrix® Assessment 2023 by Everest Group - Received prestigious ROSPA Gold Health & Safety Awards for smart city projects - Winner of the Golden Peacock Award for ESG - HR Innovation Award by FICCI - CEO and MD, Amit Chadha, awarded Corporate Leader of the Year by Indo American Chamber of Commerce 5. Patents and Intellectual Property: - Patents portfolio stands at 1,198, with 785 co-authored with customers and others filed by LTTS 6. Employee Statistics: - Total employee strength at 23,880 - Billable employees at 22,366 - Sales and support employees at 1,514 - Voluntary attrition rate of 16.7% "We had a strong performance with revenue growing by 3.2% sequentially in constant currency and operating margin sustaining at 17% plus levels even as we absorbed wage hikes for our employees. Deal momentum was strong with the highlight being a USD 10 million plus deal win leveraging SWC capabilities in North America. This win has been the result of having a superior end-to-end technology stack for wireless and 5G communications which is becoming a key differentiator for us. We are investing in software-defined vehicles, AI, and cybersecurity and will have close to 2,000 employees trained over the next few quarters. Our collaboration with hyperscalers and chip companies is helping us develop AI solutions and services that address the needs of industries like Auto, Manufacturing, and Medical. We are optimistic that such investments will strengthen our position as the engineering partner of choice for global ER&D; companies." - Amit Chadha, CEO & Managing Director, L&T; Technology Services. Result PDF