Oct 19 : India's L&T Technology Services expects a robust second half of fiscal year 2027 on improving order backlogs and several large deals, as it reported a jump in second-quarter revenue on Monday.
The company's strong showing in the three months ended September 30 was on the back of executing large deals won in recent quarters and higher client spending in its sustainability segment.
Here are some details:
• Consolidated revenue rose to 30.4 billion rupees ($320.25 million) for the quarter, from 27.13 billion rupees a year ago
• Net profit from continuing operations rose 19.6 per cent to 3.80 billion rupees; including discontinued operations, net profit rose 66.8 per cent
• Revenue at the sustainability segment, which comprises industrial products and plant engineering and is the company's biggest revenue generator, expanded 22.9 per cent year-on-year
• The engineering, research and development industry has been facing headwinds due to the limited adoption of electric vehicles and a macro overhang that has hurt tech spending
• The company's mobility unit, from which it derives about a third of its revenue, grew 13.5 per cent, while revenue from its tech segment was flat
• Revenue from North America, which accounts for 60.7 per cent of the company's overall revenue, grew 4.4 per cent
• "Growing demand for our engineering intelligence solutions, diversified portfolio, dedicated large-deal engine and improving regional opportunities give us confidence in our medium-term trajectory," CEO Amit Chadha said
($1 = 94.9250 Indian rupees)