L&T Tech Q3 Net profit drops 4% to Rs.322 crore, revenue up 9% YoY

L&T Technology Services (LTTS) reported its financial results for the October-December quarter of fiscal year 2024-25 (Q3FY25) on Wednesday, January 15. The company posted a 4% decline in consolidated net profit, which fell to Rs.322.4 crore from Rs.336.2 crore during the same period last year.

In terms of revenue, LTTS saw a 9% increase, reaching Rs.2,653 crore in Q3FY25, up from Rs.2,421.8 crore in the corresponding quarter of the previous year. Ahead of the earnings announcement, LTTS shares rose by 5%, ultimately closing 3.10% higher at Rs.4,852.75 on the BSE.

The company also reported its highest-ever large deal bookings, securing a total of eight significant contracts: one worth $50 million, two at $35 million each, two at $25 million each, and three valued at $10 million each.

Amit Chadha, CEO and Managing Director of L&T Technology Services, commented, “We have seen a healthy increase in the Total Contract Value (TCV) of large deals, with eight wins across various segments. The large deal pipeline remains strong, supported by our ongoing engagements with clients in new-age product and platform development, as well as business transformation.”

Looking ahead, LTTS is aiming for approximately 10% revenue growth in constant currency for FY25. “For FY25, we are targeting near 10% revenue growth in constant currency, including contributions from Intelliswift. We reaffirm our medium-term outlook of $2 billion in revenue, with an EBIT margin of 17-18%,” added Chadha.