L&T Tech’s revenue rises 11% in December quarter

BENGALURU: L&T Technology Services (LTTS), the engineering services arm of the L&T group, has reported revenue of $290.7 million in the quarter ended December. Compared to the preceding September quarter, the revenue growth was 0.9% in constant currency.
Compared to the year-ago quarter, it was 11%.
During the quarter, LTTS signed six deals with a total contract value of more than $10 million.
“We have made notable progress in each of our new-technology focus areas – AI, software defined vehicles (SDV), and cybersecurity. In AI, we filed 53 patents across segments like transportation, medical and industrial products. We had our first major win in SDV with a US OEM to define the architecture of their next generation automobiles,” Amit Chadha, managing director and chief executive officer of LTTS, said.
Chadha said the deal pipeline continues to be robust with multiple large deal opportunities as customers seek productivity and efficiency improvement.
The firm has retained its constant currency revenue growth guidance for the year at 17.5% to 18.5%.
While the attrition rate has dropped from 16.7% in the September quarter to 15.8% in the last quarter, the total headcount has dropped from 23,880 to 23,298.

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