India's L&T Tech misses quarterly estimates on soft demand for tech, mobility businesses

L&T Technology Services

22/04/2026 16:36

April 22 (Reuters) - Indian IT services firm L&T Technology Services LTEH.NS missed fourth-quarter revenue and profit estimates on Wednesday, weighed down by weaker demand in its technology and mobility segments and a one-time restructuring charge.

Here are the details:

The company posted consolidated revenue of 28.58 billion rupees ($304.71 million) for the quarter ended March 31, below analyst estimates of 29.64 billion rupees, according to data from LSEG.

It recorded an exceptional charge of 370 million rupees related to the closure and restructuring of some overseas operations.

Net profit was 3.32 billion rupees ($35.40 million), missing analyst estimates of 3.4 billion rupees.

Engineering research and development (ER&D) firms rely heavily on outsourced work from U.S. and European clients.

Demand for their services has slowed in recent quarters amid geopolitical uncertainties.

Revenue from North America, which accounts for more than half of overall revenue, grew 3.1% year-on-year. But revenue from Europe, India and other geographies declined.

The Larsen & Toubro  group firm said revenue growth in its tech segment, its largest business, fell 6.4% from a year earlier. Revenue from its mobility unit declined 3% year-on-year.

On Tuesday, peer Tata Elxsi TTEX.NS beat profit estimates, led by growth in its transport and media units. Tata Technologies TATE.NS is scheduled to report results early next month.

($1 = 93.7900 Indian rupees)

 (Reporting by Bipasha Dey in Bengaluru; Editing by Ronojoy Mazumdar and Sahal Muhammed)

 ((Bipasha.Dey@thomsonreuters.com;))