BENGALURU: L&T Technology Services (LTTS), a subsidiary of Larsen & Toubro, sees a healthy deal pipeline and demand environment across segments, and it has won a multi-year $100 million electric air mobility deal from Jaunt Air Mobility (Jaunt).
The pure-play engineering services company also bagged four other deals with total contract value (TCV) of over $10 million during the fourth quarter ended March 31, 2022. The company also bets big on metaverse, as it created a separate vertical for Meta.
In an interaction with TNIE, Amit Chadha, CEO and MD of L&T Technology Services said the company's pipeline is stronger and deal closures in the fourth quarter were higher than previous years.
The company reported a 35% increase in its consolidated net profit at Rs 262 crore for the quarter ended March 31, 2022, compared to Rs 194 crore in the same quarter last year. Its revenue for the fourth quarter stood at Rs 1,756 crore, a 22% increase compared to Rs 1,440 crore in the same quarter last fiscal.
"We are guiding right now an organic growth of 13.5-15.5% in FY23. With better quality of growth, and improvement in operating metrics, we were able to improve EBIT margins to 18.3% in FY22, up 380 bps," Chadha said, adding there has been a three-fold increase in patents filed by the company's engineers.
Chadha also confirmed that they will hit a billion-dollar revenue run rate by Q2 or Q3 of FY23. Talking about metaverse, he said, "We have established a metaverse vertical within the company, and it is going to be headquartered in Chennai and we will be running it through there."
Apart from training its existing employees on metaverse, it will also recruit new people. "We are also planning tie-ups with various universities," he said. It has also made 2,500 offers for freshers.
The company’s board has recommended a final dividend of Rs15 per share. Shares of the company closed at Rs 4,244.35, up 1.43% on the BSE on Thursday.