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L&T Technology Services Ltd. reported beat on revenue with growth of 3.2% QoQ U.S. dollar (our estimate: 2.1%), 4.7% QoQ constant currency (our estimate: 3%).
Revenue growth was led by plant engineering (7.5% QoQ U.S. dollar), industrial products (4.4% QoQ U.S. dollar), transportation (2.9% QoQ U.S. dollar) and medical devices (2.6% QoQ U.S. dollar). Telecom and hi-tech was soft at 0.1% QoQ U.S. dollar.
L&T Tech reported strong deal wins – one $50 million deal, four $25 million and two $10 million deals. This is in-line with record high total contract value they had reported in Q4 FY22.
They mentioned that the research and development spends continue to be strong in plant engineering, industrial and transportation verticals, but they see tightening of budgets by some clients in medical and pauses in sub-verticals of hi-tech and telecom (platform companies, companies with new products/business lines where there are no paying end consumers) because of inflationary pressures.
Management is confident of strong demand in near term but is cautiously optimistic about medium term.
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