L&T Technology Services released its Q1 Results on Tuesday and posted a consolidated net profit of ₹311.1 crore. The net profit of the company jumped 13% from ₹275 crore during the same quarter in fiscal year 2022-23. The revenue of the company witnessed a 15% jump to ₹2,301 crore in Q1FY24 from ₹2,006 crore during Q1FY23.
In sequential terms, the net profit of L&T Technology Services declined by 8.5% quarter on quarter and the revenues declined by 2.9% quarter on quarter. The tech major has clocked an EBIT of ₹395.4 crore for the quarter with an EBIT margin of 17.2%.
L&T Tech witnessed a 9.1% year-on-year jump in US revenues which touched $280 million during Q1FY24, but was sequentially 2.9% down from the previous quarter. In terms of constant currency, the company’s revenue rose 10% year on year but fell 2.9% quarter on quarter.
L&T secured multi-million dollar projects
The company informed about securing multi-million dollar projects from global customers across segments like a $50 million contract with a global technology company, to enable new opportunities for digital video platforms.
LTTS has been awarded a multi-year, multi-million dollar plant engineering contract from a global Agri-food company to provide engineering design services for a new plant in the Netherlands, the company said in a release
“We had a quarter of strong deal wins across all five segments, the highlight being a $50M plus deal in Telecom and Hitech. Our customers continue to spend on transformational technologies and seek ER&D partners who can deliver innovation, speed-to-market, and cost synergies. With the addition of Smart World and Communication, we are now better positioned to play in the Next generation communications space. The early wins and critical partnerships with telecom service providers, equipment manufacturers, and cyber security providers will create a robust foundation for our future growth,” Amit Chadha, CEO & Managing Director, L&T Technology Services Limited said.
“Our investments into emerging technology areas like AI, Software Defined Vehicle (SDV), and cybersecurity continue to help us engage with customers on ways to prioritize strategic spends and increase market agility,” he added.
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Updated: 18 Jul 2023, 03:59 PM IST