LTTS Reported 11.5% Revenue Growth . In Dollars, It Grew Just 0.4%

reported its Q1 FY27 results : net profit up 13% YoY to ₹356.6 crore, revenue up 11.5% YoY to ₹2,940.1 crore. Solid-looking numbers on the surface. But look at the same quarter in dollar terms — the currency LTTS actually earns most of its revenue in — and growth was just 0.4% YoY, at $309.9 million. That's not a typo. 11.5% growth in rupees. 0.4% growth in dollars. Same quarter, same company, wildly different story depending on which currency you look at. Here's exactly why this gap exists: the rupee has weakened noticeably against the dollar over the past year. When a company earns in dollars and reports in rupees, that same dollar revenue converts into more rupees purely because of the exchange rate — even if the actual business, client billing, and project volume barely moved. The rupee number reflects currency depreciation as much as real business growth. The dollar number is closer to the truth of what actually happened on the ground. This isn't unique to LTTS — it applies to every Indian IT and export-oriented company reporting this earnings season. EBITDA for LTTS did genuinely improve too (up 28.1% YoY, with margins expanding 200 basis points), which is a real, currency-independent sign of better operational efficiency. That's the number worth trusting more than the headline revenue growth. The takeaway: whenever an export-heavy Indian company reports "double-digit revenue growth," check the dollar-denominated number before getting excited. The gap between the two tells you how much of that growth is the business actually improving, versus the rupee simply buying less than it used to.