L&T Technology Q2 Results Review - Guidance Demands Flawless Execution In H2: Motilal Oswal

Motilal Oswal Report

L&T Technology Services Ltd.’s Q2 FY25 revenue was up 3.9% QoQ /6.5% YoY in USD terms versus our estimate of ~4.1% QoQ growth. In constant currency terms, revenue was up 3.4% QoQ/6.3% YoY).

Growth was led by the sustainability vertical (up 6.5% QoQ), followed by the Mobility vertical with 4.8% QoQ growth. Ebit was up 1.1% QoQ but down 4.9% YoY at Rs 3.8 billion (estimate: Rs 4.2 billion).

Profit after tax stood at Rs 3.1 billion (estimate: Rs 3.5 billion), up 1.9% QoQ/1.3% YoY. For H1 FY25, revenue/Ebit/PAT grew 7.4%/-3.9%/1.1% compared to H1 FY24. In Q2 FY25, the company signed two $20 million deals and four $10 million deals.

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