Customer sentiments up despite market uncertainties: L&T Technologies

Bengaluru

Customer investments continued unabated even as macro-economic uncertainties prevailed, said L&T Technology Services (LTTS) on Tuesday while announcing the second quarter financial performance of the company.

“Despite market uncertainties, our innovation led engineering and technology offerings give us the confidence of meeting our growth aspirations,’‘ said Amit Chadha, CEO & Managing Director, LTTS.

In the September ended quarter, LTTS reported a net profit of ₹282 crore, a 23% year-on-year growth. The company’s revenue in the quarter grew 24% YoY to ₹1,995 crore.

“We have achieved a $1 billion annualised revenue run-rate in Q2 on a constant currency basis. Our momentum stayed strong in the second quarter with revenue growing sequentially by 4.5% in constant currency. Investments into EACV (electric autonomous connected vehicle) sector has helped us win large deals,’‘ he said.

From a revenue perspective, LTTS has raised the lower end of its guidance to 15.5 % - 16.5% in constant currency for the full fiscal year. “We also aspire to stay in the 18% EBIT corridor, same as what we have done for the previous 5 quarters,’‘ added Mr. Chadha.

In his commentary he said, North America has registered healthy growth both sequentially as well as on YoY comparison while business from Europe grew reasonably well.

LTTS is currently in the process of expanding its presence in North America, especially in Canada. It recently opened new centres in Krakow Poland and Toulouse, France. Also setting up a 5G lab in Munich in the coming quarter, according to him.