Revenue from operations fell 2.98% quarter on quarter (QoQ) to Rs 2,461.9 crore in the quarter ended 30 June 2024.
As compared with Q1 FY24, the company’s net profit rose 0.8% and revenue climbed 6.97% in the quarter.
Profit before tax stood at Rs 432.7 crore, down 8.13% QoQ and up 0.37% YoY during the quarter under review.
EBITDA declined by 9.3% QoQ and 0.7% YoY to Rs 4,562 crore in first quarter of FY25. EBITDA margin fell to 18.5% in Q1 FY25 as against 19.8% in Q4 FY24 and 19.7% in Q1 FY24. EBIT margin was at 15.6% in Q1 FY25 as against 16.9% in Q4 FY24 and 17.2% Q1 FY24.
In dollar terms, the company's revenue stood at $295.2 million in Q1 FY25, registering de-growth of 3.3% QoQ and growth of 5.4% YoY. In constant currency, the firm reported a fall of 3.1% QoQ and 6.1% increase on YoY basis.
During the quarter, LTTS signed two $30 million deals, two $15 million deals and three deals with TCV of $10 million.
At the end of Q1 FY25, the patents portfolio of L&T Technology Services stood at 1,343, out of which 853 are co-authored with its customers and the rest are filed by LTTS and employee strength stood at 23,577.
Amit Chadha, CEO & managing director of LTTS said, “We are making good progress with our ‘Go Deeper to Scale’ strategy and the simplification of our organization structure into three main segments. Mobility grew by 6% sequentially driven by our differentiated presence across EV, SDV and connected car technology that helped us win one $ 30 Million deal and two $15 Million deals during the quarter. In Hi-Tech and Sustainability, our new strategy is driving a significant increase in the pipeline and large deal discussions that makes us confident of a pickup in growth momentum.
In AI, we are accelerating our investments and innovation focus leading to a total of 61 patents being filed so far. We are starting to win AI led deals on the back of our solutions in in Gen AI across Asset Health, software development and digital assistants.
With phase one of our reorganization and related investments in technology and leadership complete, we are reassured of our performance for the rest of the year and reaffirm our aspirations to reach $1.5 Billion in annualized revenues.”
LTTS is a listed subsidiary of Larsen & Toubro focused on Engineering and R&D (ER&D) services. It offers consultancy, design, development and testing services across the product and process development life cycle.