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L&T Technology Services (LTTS) Q4 FY25 & FY25 Results Analysis
1. Order Book Momentum
LTTS, reported its highest-ever large-deal TCV bookings in Q4 FY25, comprising one deal > USD 80 million, one > USD 50 million, one > USD 30 million, one > USD 20 million and three > USD 10 million deals, underscoring strong order-book accretion . This momentum extended through FY25 amid robust large-deal pipeline strength .
2. Constant Currency Growth (CCG)
Q4 FY25: USD revenue of $345.1 million; +10.5% QoQ and +14.2% YoY in constant currency .
FY25: USD revenue of $1,259 million; +8.9% YoY in constant currency .
3. Consolidated Sales Growth
Q4 FY25: ₹29,824 million; +12.4% QoQ and +17.5% YoY .
FY25: ₹106,701 million; +10.6% YoY .
4. Segmental Revenue Growth
Q4 FY25 vs Q4 FY24
Mobility: ₹8,727 m vs ₹8,113 m → +7.5% YoY.
Sustainability: ₹8,583 m vs ₹7,605 m → +12.9% YoY.
Tech: ₹12,514 m vs ₹9,657 m → +29.5% YoY.
FY25 vs FY24
Mobility: ₹35,087 m vs ₹31,613 m → +11.0% YoY .
Sustainability: ₹32,167 m vs ₹29,895 m → +7.6% YoY .
Tech: ₹39,447 m vs ₹34,965 m → +10.1% YoY .
5. Geographical Revenue Growth
Q4 FY25 QoQ/YoY
North America: +11.4% QoQ; +9.3% YoY
Europe: +0.6% QoQ; +18.5% YoY
India: +18.8% QoQ; +16.6% YoY
Rest of World: +5.5% QoQ; +18.6% YoY .
FY25 YoY
North America: +2.6% YoY
Europe: +20.9% YoY
India: +12.7% YoY
Rest of World: +8.7% YoY .
6. Profit Margins
Q4 FY25 vs Q4 FY24
Gross Margin: 27.8% vs 28.9%
EBITDA Margin: 15.9% vs 19.8%
EBIT Margin: 13.2% vs 16.9%
Net Margin: 10.4% vs 13.4% .
FY25 vs FY24
Gross Margin: 28.8% vs 29.0%
EBIT Margin: 14.9% vs 17.1%
Net Margin: 11.9% vs 13.5% .
7. Consolidated Profit Growth
Q4 FY25: Net profit ₹3,111 m vs ₹3,409 m in Q4 FY24 → –8.8% YoY .
FY25: Net profit ₹12,667 m vs ₹13,037 m in FY24 → –2.8% YoY .
8. Key Industry KPIs
Patent Filings: 1,502 total (incl. 190 in AI/Gen AI) .
Active Clients: 421 vs 381 in Q4 FY24 .
Deal Wins: Awarded multi-million-dollar projects including USD 80 M+, USD 50 M+, USD 30 M+, USD 20 M+ and three USD 10 M+ deals .
9. Solvency, Liquidity, Profitability & Cash-Flow Ratios
Current Ratio (FY25): ~2.16× (Current Assets ₹64,641 m / Current Liabilities ₹29,900 m) .
Debt-to-Equity Ratio: 0.09× (Non-current Liabilities ₹5,560 m / Equity ₹60,800 m) .
Return on Equity (ROE): 22% .
Free Cash Flow to Net Income: 109% (₹13,793 m / ₹12,667 m) .
10. Valuations (CMP ₹4,480)
P/E (FY25): 4,480 / 119.70 ≈ 37.4×.
P/BV: 4,480 / 119.44 ≈ 37.5×.
Dividend Yield: 38 / 4,480 ≈ 0.85% (final dividend) .
11. Near-Term & Long-Term Outlook
Near Term (FY26): Expect double-digit constant-currency revenue growth, driven by AI & Automation solutions and strong large-deal pipeline .
Medium Term: Reaffirmed USD 2 billion revenue target .
12. Disclosure
Analysis based on LTTS’s Consolidated Results announced April 24, 2025. Contains forward-looking statements subject to risks & uncertainties; LTTS undertakes no obligation to update such statements .
This analysis is provided for educational purposes and should not be construed as investment advice.
