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L&T Technology Services Ltd. reported a healthy set of results in Q2 FY23. It reported revenue of Rs 1,995 crore, registering a growth of 6.7% QoQ which stood slightly above our expectations.
L&T Tech’s operating profit exhibited robust growth of 4.9% QoQ to Rs 363 crore. Its operating margins stood largely stable at 18.2%, primarily aided by better operating cost optimisation and a richer service mix.
The management is confident of achieving sustainable operating margins moving forward as it factors in the strong cost optimisation effort undertaken by the company as well as its strong execution capabilities.
Net income for Q2 FY23 stood at Rs 282 crore, improving by 3% QoQ. The management has also revised its revenue growth guidance upwards to 15.5%-16.5%.
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