L&T Tech on course to meet FY24 targets, aided by strategic bp deal
Amit Chadha, Managing Director and CEO of L&T Technology Services, said the deal with bp will start adding to revenues this financial year, and gradually ramp up.
L&T Technology Services is on track to achieve its financial year 2024 revenue growth and margin guidance with contributions from the recent strategic deal with global energy firm bp.
L&T targets revenue growth of 17.5 - 18.5% in FY24 with margin of around 17%.
On December 12, L&T Tech signed a multi-year engineering services pact with bp, one of world's largest diversified energy companies. "This long-term relationship allows us to provide services for their global assets, emphasising top-tier operational efficiency through digital enablement," the company said in an exchange filing.
L&T Tech Managing Director and CEO, Amit Chadha told CNBC-TV18 that the company aspires to make bp one of its top ten accounts.
Chadha is seeing bright spots in the artificial intelligence (AI), plant engineering, medical devices and automotive spaces.
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Shares of L&T Tech gained over a percent intraday to touch ₹4,990 per share on December 12 after it announced the bp deal.
The stock of the IT major has rallied over 15% in the past month against a 7% gain in the benchmark Sensex.
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(Edited by : Shweta Mungre)
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