L&T Technology Services (LTTS) fell 2.48 per cent to Rs 3581.45 after the company reported a 3 per cent rise in consolidated net profit to Rs 282.4 crore on a 6.5 per cent rise in revenue to Rs 1,995.1 crore in the second quarter of FY23 over the first quarter of FY23.

Compared with the second quarter, the net profit and revenue of LTTS are higher by 22.8 per cent and 24.1 per cent, respectively. EBITDA improved by 5.2 per cent to Rs 421.8 crore in the second quarter of FY23 from Rs 349.3 crore in the second quarter of FY22. EBITDA margin was 21.1 per cent in the second quarter of FY23 as compared with  21.7 per cent in the same quarter of last year. 

LTTS won a $60 million plus deal and a deal with a total contract value (TCV) of $10 million in Q2FY23. In the second quarter of FY23, the patents portfolio of L&T Technology Services stood at 976, out of which 663 are co-authored with its customers, and LTTS files the rest. The company’s employee strength stood at 21,474 in the second quarter of FY23. Voluntary Attrition (LTM) was 24.1 per cent in the second quarter of FY23 compared with 23.2 per cent in the first quarter of FY23 and 16.5 per cent in the second quarter of FY22.

Amit Chadha, CEO & managing director of L&T Technology Services, said, “We are proud to have achieved a $1 billion annualised revenue run-rate in Q2 on a constant currency basis. Our momentum stayed strong in the second quarter with revenue growing sequentially by 4.5 per cent in constant currency.”

Larsen & Toubro has a subsidiary, LTTS, focused on Engineering and R&D (ER&D) services. To offer design, testing services, consultancy and development all over the product and process development life cycle.