L&T Technology Services reports 15% growth in Q1FY24

Amit Chadha

Reaffirms $1.5Bn revenue run-rate in FY25 

L&T Technology Services’ revenue for the Q1FY25 ended June 30, 2023 has grown by 15% on YoY basis touching 23,014 million. This is an excellent result given the fact the industry sentiment was not good and the peers are not performing well except a few.  

During the quarter, LTTS won a USD 50 million plus deal, and additionally five deals with TCV of more than USD 10 million each.  

“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.  

With the addition of Smart World and Communication, we are now better positioned to play in the Next generation communications space. The early wins and critical partnerships with telecom service providers, equipment manufacturers and cyber security providers will create a robust foundation for our future growth. 

Our investments into emerging technology areas like AI, Software Defined Vehicle (SDV) and cybersecurity continue to help us engage with customers on ways to prioritize strategic spends and increase market agility” said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited. 

Highlights and Recognitions: 

  • LTTS has partnered with Palo Alto Networks to provide enterprises in diverse verticals with security services and solutions in 5G and Operations Technology (OT). Under the agreement, LTTS will become a Palo Alto Networks Managed Security Services Partner (MSSP), delivering a suite of security services to global customers in industrial verticals.

  • LTTS is recognized as a Great Place to WorkTM for second time in a row in India and in Poland for the first time. LTTS scored high on parameters like credibility, respect and pride as well as high overall participation from employees.  
  • LTTS was also recognized as the Leadership Factory of India by Great Manager Institute  
  • Rated as leaders in Manufacturing Smart Industry Services 2023 RadarView by Avasant. 
  • LTTS received the Aveva Global Alliance partner of the Year Award for delivering the highest business growth for Aveva.  
  • Recognized as Sustainability Partner of the Year by PTC for LTTS’ ESM solution built on PTC platform.  

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