While announcing its Q2 Earnings for the current financial year, the Board of Directors of L&T Technology Services Limited (LTTS) Company also declared Interim Dividend 15 per share and set a record date for the following week on Friday, October 28, 2022.
“The Board of Directors has also declared an interim dividend of Rs. 15/- per equity share. interim dividend shall be paid to the equity shareholders of the company whose names appear in the register of members or in the records of the depositories as beneficial owners of the equity shares on Friday, the 28th October, 2022, that is the record date fixed for the aforesaid purpose, L&T Tech gave the information in an exchange filing.
“As per the Finance Act, 2020, dividend income shall be taxable in the hands of shareholders with effect from 1st April, 2020. Therefore, interim dividend declared by the Board shall be paid after deduction of tax at source (‘TDS’) as per the Income Tax Act. , 1961. Members are requested to submit all necessary documents on or before 27th October, 2022, so that the Company may determine the appropriate TDS rates, as applicable.
L&T Technology Services, the engineering, research and development subsidiary of Larsen & Toubro Ltd, reported 22.8% y-o-y growth in net profit Rs 282 crore saw a 24% year-on-year (YoY) growth in its Rs. 1,995 crore in Q2FY23.
LTTS said it won two deals with a total contract value (TCV) of $10 million or more, with its largest deal during the quarter bearing a TCV of more than $60 million.
Amit Chadha, managing director and chief executive officer of LTTS, said the company has outperformed its target of 15.5-16.5% for the fiscal while revising its constant currency dollar revenue growth guidance for the fiscal year.
“We achieved a $1 billion annual revenue run-rate in Q2 on a constant currency basis. Our momentum continued to be strong in the second quarter and revenue grew 4.5% sequentially in constant currency. Our Electric Autonomous Connected Vehicles (Electric Autonomous Connected Vehicles) ( EACV) investments in stakes have helped us consistently win great deals,” Chadha said.
IT Stock It has declined by over 39% so far in 2022 (YTD).
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