L&T Technology Services Q2 net profit rises 5% to Rs 315 crore; co declares Rs 17 dividend
The figure came at Rs 315.4 crore in quarter that ended on September 30, 2023, as against Rs 299.9 crore in the year-ago period
- Oct 17, 2023,
- Updated Oct 17, 2023 4:58 PM IST
L&T Technology Services Ltd on Tuesday reported a 5.17 per cent rise in its second-quarter (Q2) profit for the financial year 2023-24 (FY24). The figure came at Rs 315.4 crore in quarter that ended on September 30, 2023, as against Rs 299.9 crore in the year-ago period.
The company's revenue from operations stood at Rs 2,386.5 crore, up 4.59 per cent from Rs 2,281.7 crore in the corresponding period last year.
The company's board of directors have also declared an interim dividend of Rs 17 per equity share. The dividend will be paid to eligible equity shareholders on October 27, 2023.
Dollar revenue witnessed a 2 per cent year-on-year (YoY) growth at $288.1 million in Q2 FY24, the company mentioned. EBIT (Earnings before interest and taxes) margin for the September 2023 quarter was at 17.1 per cent.
During the quarter, L&T Tech said it won seven $10 million-plus deals across industry segments.
"Deal momentum was strong with the highlight being a $10 million-plus deal win leveraging SWC capabilities in North America. This win has been the result of having a superior end-to-end technology stack for wireless and 5G communications which is becoming a key differentiator for us," said Amit Chadha, CEO & Managing Director at L&T Tech.
"We are investing in software defined vehicles, AI and cybersecurity and will have close to 2,000 employees trained over the next few quarters. Our collaboration with hyperscalers and chip companies is helping us develop AI solutions and services that address needs of industries like Auto, Manufacturing and Medical. We are optimistic that such investments will strengthen our position as the engineering partner of choice for global ER&D companies," he further stated.
L&T Tech announced its Q2 numbers post-market hours. The stock today settled with 1.41 per cent losses at Rs 4,623.
L&T Technology Services Ltd on Tuesday reported a 5.17 per cent rise in its second-quarter (Q2) profit for the financial year 2023-24 (FY24). The figure came at Rs 315.4 crore in quarter that ended on September 30, 2023, as against Rs 299.9 crore in the year-ago period.
The company's revenue from operations stood at Rs 2,386.5 crore, up 4.59 per cent from Rs 2,281.7 crore in the corresponding period last year.
The company's board of directors have also declared an interim dividend of Rs 17 per equity share. The dividend will be paid to eligible equity shareholders on October 27, 2023.
Dollar revenue witnessed a 2 per cent year-on-year (YoY) growth at $288.1 million in Q2 FY24, the company mentioned. EBIT (Earnings before interest and taxes) margin for the September 2023 quarter was at 17.1 per cent.
During the quarter, L&T Tech said it won seven $10 million-plus deals across industry segments.
"Deal momentum was strong with the highlight being a $10 million-plus deal win leveraging SWC capabilities in North America. This win has been the result of having a superior end-to-end technology stack for wireless and 5G communications which is becoming a key differentiator for us," said Amit Chadha, CEO & Managing Director at L&T Tech.
"We are investing in software defined vehicles, AI and cybersecurity and will have close to 2,000 employees trained over the next few quarters. Our collaboration with hyperscalers and chip companies is helping us develop AI solutions and services that address needs of industries like Auto, Manufacturing and Medical. We are optimistic that such investments will strengthen our position as the engineering partner of choice for global ER&D companies," he further stated.
L&T Tech announced its Q2 numbers post-market hours. The stock today settled with 1.41 per cent losses at Rs 4,623.