On January 15, Indian engineering and technology services firm L&T Technology Services reported lower-than-expected third-quarter revenue due to reduced spending from its automotive clients. The company increased its revenue growth forecast for fiscal year 2025 to around 10% following the acquisition of U.S.-based software firm Intelliswift. Revenue for the quarter ending December 31 increased by 9.6% year-on-year to 26.53 billion rupees ($307.14 million). Although analysts anticipated revenue to be 26.65 billion rupees, the company fell slightly short. The mobility business unit exhibited a 4.1% revenue growth, the slowest since disclosure began in the first quarter of the fiscal year. Net profit decreased by 4.1% to 3.22 billion rupees, below the estimated 3.32 billion rupees, mainly due to increased sales and administrative expenses. L&T Technology's shares rose 3.1% before the results were announced. The company's engineering, research, and design (ER&D) services, which support industries like transportation and communications, contribute significantly to India's $254 billion technology sector. Automakers worldwide have been encountering challenges, compounded by the transition to electric vehicles, impacting quarterly earnings for L&T Technology according to analysts. Last week, Tata Elxsi's shares declined by 7.6% missing revenue expectations.