L&T Tech Q1 Results: Attrition rate to multi-million dollar projects. Check key highlights here
₹311 crore which is 13% higher than the ₹275 crore the company reported during the same quarter in the previous fiscal year. The revenue of the company witnessed a growth of 15% year-on-year growth and EBIT margin was at 17.2%. “We had a quarter of strong deal wins across all five segments, the highlight being a $50M plus deal in Telecom and Hitech.
Our customers continue to spend on transformational technologies and seek ER&D partners who can deliver innovation, speed-to-market, and cost synergies," said Amit Chadha, CEO & Managing Director, of L&T Technology Services Limited. L&T Tech has missed the street expectations in terms of net profit and revenue. The company has posted a 13% higher net profit year on year but sequentially, the net profit declined by 8.5%.
In terms of revenue, L&T Tech posted a 15% year-on-year rise, but sequentially the revenue dropped by 2.9%. L&T Tech has secured some major multi-million dollar projects from global customers across segments. The company secured a $50 million contract with a global technology company, to enable new opportunities for digital video platforms.
A global Aerospace & Defense OEM has chosen L&T Tech as a preferred partner for its engineering & R&D services. For a global healthcare company, L&T Tech has won a contract to design and develop a Digital Surgery Platform. L&T Tech has been awarded a multi-year, multi-million dollar plant engineering contract from a global Agri-food company to provide engineering design services for a new plant in the Netherlands.
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