India's L&T Technology posts Q4 revenue beat on order boost

L&T Technology Services

25/04/2024 13:04

BENGALURU, April 25 (Reuters) - Indian engineering
research and development services provider L&T Technology
Services  LTEH.NS  reported a 7% rise in its fourth-quarter
revenue on Thursday, in line with street expectations, aided by
strong deal wins.
        
    WHY IT'S IMPORTANT   
    Global carmakers and other transport manufacturers are
increasingly pivoting to electric and self-driving models,
boosting engineering R&D companies such as L&T Technology
Services, which work in areas like software-defined vehicles and
cybersecurity.
    However, the country's broader $254 billion information
technology sector has been struggling in recent quarters as
clients cut spending amid inflationary pressures.
    Earlier this month, peers Tata Consultancy Services  TCS.NS 
and Infosys  INFY.NS  reported smaller-than-expected quarterly
revenues.
    Rival Tata Elxsi  TTEX.NS  had reported a
smaller-than-expected quarterly profit on Tuesday due to tepid
demand in its media and communications vertical.
    
    BY THE NUMBERS
  
        The company's consolidated revenue from operations rose
to 25.38 billion rupees ($304.63 million) for the three months
ended March 31, against analysts' expectations of 25.39 billion
rupees.
    Its consolidated net profit rose marginally to 3.41 billion
rupees.
    The company also forecast revenue growth between 8%-10% for
the fiscal year ending March 2025.

    For more details on L&T Technology's results, click here.

   
    GRAPHIC   


-- All data from LSEG
    
    KEY QUOTES
  
    "We are now embarking on the next stage of growth with a 'Go
Deeper to Scale' strategy under which we will streamline our
organization into three segments – Mobility, Sustainability and
HiTech," CEO Amit Chadha said.         


($1 = 83.3143 Indian rupees)

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LTEH    https://tmsnrt.rs/4b8m43m
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 (Reporting by Aleef Jahan in Bengaluru; Editing by Janane
Venkatraman
)
 ((aleefjahan.cs@thomsonreuters.com;))