India's L&T Tech sees 20% FY24 revenue growth

 Indian engineering firm L&T Technology Services Ltd said on Wednesday it expects revenue to grow over 20% for the current fiscal year after reporting a bigger-than-expected fourth-quarter profit on a strong deal pipeline.

“For FY24, our guidance is for a USD constant currency revenue growth of 20% plus,” Chief Executive Officer Amit Chadha said in a statement.


The company’s consolidated net profit rose to 3.10 billion rupees ($37.93 million) for the three months ended March 31, beating analyst expectations of 3.04 billion rupees, according to Refinitiv IBES data.

L&T Tech’s EBIT margin grew to 18.7% in the quarter from 18.6%, a year ago.

The company, which provides engineering services in transportation and industrial products segments, said it won three deals with a total contract value of more than $10 million for the quarter.

In February, it bagged a partnership with French tech-firm Thales for enabling private 5G networks in urban railways. A month earlier, it also announced it was selected as a strategic partner to Airbus under a multi-year contract.

The strong results come at a time when L&T Tech’s major markets – the United States and Europe – are staring at a recession, with clients contemplating spending cuts and project ramp-downs to save cash.

The Vadodara-headquartered company gets over three-fourths of its revenue from these markets.

L&T Tech’s consolidated revenue from operations for the quarter rose 19.4% to 20.96 billion rupees. Transportation, the largest segment contributing 34.5% to total revenue, posted a 23.9% jump in revenue for the period.

Looking for More?

Get articles and insights from our weekly newsletter.

Subscription Form

By entering your email, you agree to receive emails, notifications and agree to our Terms & Conditions and Privacy Policy.

Subscribe A Plan

Get exclusive access to all of the Resources & Features that we provide now