The unit of engineering conglomerate Larsen and Toubro now expects revenue in dollars for this fiscal year ending March to grow 17.5%-18.5% in constant currency, as opposed to the previous estimate of a 20% jump.

"While longer term trends for ER&D remain strong, in the short term we are seeing longer decision cycles and incremental headwinds from the macro-economic stress in various geographies," CEO Amit Chadha said in a statement.

L&T Technology follows larger IT service providers Infosys and HCLTech, which last week cut revenue outlook after clients in major revenue-generating markets of the U.S. and Europe scaled back spending amid fears of an economic slowdown.

L&T Technology, however, reported consolidated net profit for the second quarter at 3.15 billion rupees ($37.85 million), up from 3 billion rupees a year ago.

During the quarter, the company won seven deals worth more than $10 million each across all industry segments, it said in a filing.

Revenue from operations climbed 4.6% to 23.87 billion rupees in the quarter, led by a 15% rise in revenue in its mainstay transportation segment.

The company restated year-ago figures to incorporate results of Smart World and Communication, a business it purchased from its parent earlier this year.

L&T Technology's shares closed down 1.6% lower ahead of the results. They have climbed 25.2% for the year so far, compared with an 11% gain in the Nifty IT index.

($1 = 83.2207 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; editing by Eileen Soreng)