An ET poll of analysts had estimated revenue growth at around 20.5% and a profit increase of 24.4% year-on-year.
On a sequential basis, net profit rose 4.7% while revenue climbed 6.7%.
The Bengaluru-based firm retained its guided dollar revenue growth of 13.5-15.5% for the ongoing fiscal year.
The company added 572 employees sequentially. It had a total headcount of 21,433 employees at the end of the April-June quarter.
The attrition rate stood at 23.2% for the period compared to 20.4% in the quarter ended March 31.
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“I don’t see a problem going forward for the next 2-3 quarters. We are not ringing warning bells already and we are reconfirming our guidance” said Amit Chanda, managing director and chief executive of LTTS.
“We have not seen any pullback in electric, autonomous and connected vehicles and transportation segments. In a few areas like machinery under industrial products, we have been asked to resubmit justifications for the projects that are capex oriented. But spending by oil and gas and CPG (Consumer Packaged Goods) continues without any change,” Chanda told ET in a post-earnings interaction.
New launches in the hi-tech vertical, where revenue streams are not assured, are also getting delayed, he said.
The L&T group firm won seven deals with a total contract value (TCV) of over $10 million, which includes a $50 million deal and four $15 million deals, the best ever in a quarter.
Operating margins stood at 18.3%, down 30 basis points sequentially but up 100 bps on year.
LTTS’ revenue numbers beat estimates while margins were in line with expectations, said Aditi Patil, research associate at brokerage Prabhudas Lilladher.
“The deal wins were strong while growth was healthy in top 11-20 clients as they grew 5.9% sequentially in dollar terms,” Patil said.
All verticals, except telecom and hi-tech, registered growth in double digits compared to last year.
Transportation led the verticals with a 23.8% growth due to demand from the aerospace and rail segments. The plant engineering vertical clocked 20.3%. Medical devices grew 13.9% and industrial products was up 13.6%.
India business grew 19.6% on year and North America rose 17.6%.
