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L&T Technology Services Ltd. reported robust revenue growth of 4.7% QoQ in constant currency terms (our estimate: 3.4%), led by strong performance in plant engineering and industrial products verticals, growing by 7.5% and 4.4% QoQ in Indian rupee terms.
Operating profit margin stood at 18.3% (our estimate: 18.1%) and was down 32 basis points on QoQ basis due to net impact of higher employee cost from hiring programs, employee stock ownership plan charges that were largely offset by currency gains.
Total contract value performance continued good run as L&T Tech won seven deals, including one $50 million plus deal in aerospace and rail (transportation), four deals of $15 million plus and two deals with TCV of $10 million.
L&T Tech reiterated U.S. dollar revenue guidance of 13.5%-15.5% for FY23, and at Q4 FY22 currency rates, FY23 growth would translate into 14.5-16.5% in CC terms.
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