A client of L&T Technology Services Limited (LTTS) in the Telecom & Hitech reporting segment has decided to assume ownership of engineering for their core product. Other engagements with this client continue and LTTS is in discussions to partner with the client in multiple adjacent areas as they look to invest and expand their business.
As communicated during the 17th Jan 2019 earnings call post Q3FY19 results on account of this development LTTS annualized revenue will be impacted by around 4% starting March 2019 with no material change to the EBITDA margin. Notwithstanding the above LTTS reaffirms its FY19 revenue guidance and its expectation of mid-teens revenue growth in FY20 in USD terms.
Kindly take the above intimation on records and acknowledge the receipt of the same.
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