L&T Tech net profit up 13% in Q1 FY24; revenue jumps 15%

L&T Technology Services Ltd on Tuesday posted a 13 per cent year-on-year (YoY) rise in its June 2023 quarter net profit. The company's Q1 FY24 profit came at Rs 311.1 crore as against Rs 275.4 crore in the same period a year ago. Revenue from operations grew by 15 per cent to Rs 2,301.4 crore compared to Rs 2,006.2 crore in the corresponding period last year. In dollar terms, revenue stood at $280 million, a growth of 10 per cent (YoY) in constant currency. L&T Tech's EBIT margin came at 17.2 per cent.

During the quarter, the company said it won a $50 million plus deal and additionally five deals with a combined value of more than $10 million each. 

"We had a quarter of strong deal wins across all five segments, the highlight being a $50 million plus deal in telecom and hi-tech. 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 and Managing Director, L&T Tech.

Investments into emerging technology areas like AI, Software Defined Vehicle (SDV) and cybersecurity continue to help us engage with customers on ways to prioritise strategic spends and increase market agility, he added.

At the end of Q1 FY24, the company's employee strength stood at 23,392. The patents portfolio of L&T Technology Services came at 1,145, out of which 757 are co-authored with its customers and the rest are filed by L&T Tech.

Further, L&T Tech highlighted that it has partnered with Palo Alto Networks to provide enterprises in diverse verticals with security services and solutions in 5G and operations technology (OT). Under the agreement, the company said it would become a Palo Alto Networks Managed Security Services Partner (MSSP), delivering a suite of security services to global customers in industrial verticals.

The Q1 results were announced post market hours. The stock settled 0.87 per cent lower at Rs 4,063.55 today.

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