L&T Services (LTTS) Q4 24/25 earnings summary

Executive summary

• Achieved three consecutive quarters of sequential growth, with FY25 revenue surpassing INR 10,000 crore and over 1,500 patent filings; completed Intelliswift acquisition, expanding into new verticals and service-led markets.

• Record large deal bookings in Q4, including deals over $80M and $50M, strengthening the large deal pipeline.

• Audited financial results for FY25 approved with an unmodified auditor's opinion.

• Board recommended a final dividend of INR 38 per share for FY25, subject to shareholder approval.

• Re-appointment of key directors and completion of Intelliswift acquisition in January 2025.

Financial highlights

• FY25 consolidated revenue: INR 106,701 million, up 10.6% YoY; Q4 FY25 revenue: INR 29,824 million, up 12.4% QoQ and 17.5% YoY.

• FY25 net income: INR 12,667 million (11.9% margin); Q4 FY25 net income: INR 3,111 million (10.4% margin).

• FY25 EBIT margin: 14.9%; Q4 FY25 EBIT margin: 13.2%.

• Free cash flow for FY25: INR 13,793 million, 109% of net income.

• Return on equity: 22% for FY25; basic EPS for FY25: INR 119.70.

Outlook and guidance

• Double-digit revenue growth in USD constant currency terms expected for FY26; medium-term revenue outlook reaffirmed at $2 billion.

• EBIT margin aspiration: mid-16% by Q4 FY27–Q1 FY28.

• Intelliswift acquisition expected to enhance software and digital offerings.

• Q1 FY26 expected to be similar to Q4 FY25 in deal wins.