L&T Tech logs AI-led deals across Asset Health, software & digital assistants

IT services company L&T Technology Services Limited, on Thursday, reported its financial results for the first quarter ended June 30, 2024, showcasing a 7% year-on-year (YoY) revenue growth. The company's revenue reached ₹24,619 million, while net profit saw a modest 0.8% rise YoY, amounting to ₹3,136 million.
 
The firm's revenue from its primary market, the United States, grew by 6% YoY, reaching $295 million. The earnings before interest and taxes (EBIT) margin was reported at 15.6%.
 
Amit Chadha, CEO & Managing Director of L&T Technology Services Limited, said, "We are making good progress with our 'Go Deeper to Scale' strategy and the simplification of our organisation structure into three main segments. Mobility grew by 6% sequentially, driven by our differentiated presence across EV, SDV, and connected car technology, helping us secure one $30 million deal and two $15 million deals during the quarter."
 
We are accelerating our investments and innovation focus in artificial intelligence (AI), leading to a total of 61 patents being filed so far. We are starting to win AI-led deals with our solutions in Gen AI across Asset Health, software development, and digital assistants, he added.
 
By the end of Q1FY25, LTTS’s patent portfolio stood at 1,343, with 853 co-authored with customers.

However, the company reported a slight reduction in headcount, with the current strength at 23,577, down from 23,812 at the end of the previous quarter.
 
Infosys, India’s second-largest IT services firm, has also declared results for the quarter. The company raised its revenue guidance for the financial year 2024-25 to 3-4%, up from the previous 1-3% guidance, indicating improved client spending. Tata Consultancy Services (TCS), India’s largest IT services company, reported an 8.7% increase in net profit for the first quarter of FY24, driven by the successful execution of large deals. TCS’s net profit rose to ₹12,040 crore from ₹11,074 crore last year but decreased by 3.2% compared to the previous quarter. Revenue increased by 5.4% to ₹62,613 crore, with an operating margin of 24.7% and a net margin of 19.2%.