L&T Technology Services reports a 5% revenue growth in FY24

IT service provider L&T Technology Services Limited has released its financial results for the fourth quarter ending March 31, 2024, showcasing a robust growth.  

During this period, the company recorded a revenue of ₹25,375 million, marking a 7% increase year-on-year (YoY) and a 5% increase quarter-on-quarter (QoQ). In terms of USD revenue, the figures stood at $305.1 million, reflecting a growth of 6.3% YoY and 5.1% QoQ in constant currency. This performance underscores the company's steady expansion and resilience in the market. 

"With a strong 5.1% sequential growth in Q4, our revenue run-rate has now crossed the $1.2 billion-mark, a year after we moved past the $1 billion-mark," said Amit Chadha, CEO and Managing Director, L&T Technology Services. 

Noteworthy, during Q4FY24 significant deals were signed by LTTS, including one valued at $100 million, one at $30 million, and two deals each worth $20 million and $10 million. Additionally, the company inked a significant empanelment agreement, further diversifying its revenue streams and expanding its client base. 

“The company won a landmark $100 million deal in cybersecurity where we will architect and operate a sophisticated cyber intelligence centre by leveraging AI and digital forensic solutions. Our disciplined investments into new technology areas have enabled us to win larger engagements and drive a 16% CAGR in dollar revenue and 25% CAGR in profits, over the past 3 years," he added. 

The company said that it has also filed 54 patents in artificial intelligence (AI) and 1,296 patents to date. 

For the full fiscal year FY24, L&T Technology Services reported a revenue of ₹96,473 million, marking a commendable 9% growth compared to the previous fiscal year. The earnings before interest and taxes (EBIT) margin for FY24 stood at 17.1%, indicating sustained profitability and operational excellence. Net profit for the fiscal year reached ₹13,037 million, reflecting an 8% growth year-on-year.  

Furthermore, LTTS is embarking on the next phase of growth with a ‘Go Deeper to Scale’ strategy, aimed at streamlining the organisational structure into three segments — Mobility, Sustainability, and Hi-Tech. This strategic approach is expected to enhance agility, domain specialisation, and ultimately unlock higher value for both customers and employees.