LTTS posts 13% net profit at Rs 336 crore

Engineering research and development arm of L&T Group, L&T Technology Services (LTTS) has posted a 13 per cent uptick in net profit at Rs 336.2 crore in the December quarter, compared to the same period last year.

LTTS signed a total of six $10-million plus TCV (total contract value) deals across all industry segments, including a $40-million deal and one $20-million deal.

Shares of L&T Technology Services, however, were down 1.79 per cent at Rs 5,346.85 on the BSE when markets closed for the day.

LTTS had posted a net profit of Rs 303 crore in the year-ago period, the company said in a regulatory filing.

The company's revenue from operations increased 12 per cent to Rs 2,422 crore, as opposed to Rs 2,157 crore in the same period last year.

LTTS’ revenue reached $290.7 million in dollar terms, reflecting a 1 per cent growth quarter-on-quarter and an 11 per cent growth YoY.

Revenue in constant currency terms was at 0.9 per cent QoQ and 11 per cent YoY while the EBIT margin was at 17.2 per cent in the December quarter.

The employee strength of the company stood at 23,298.

Amit Chadha, CEO and Managing Director of L&T Technology Services said the company filed 53 patents across segments like transportation, medical, and industrial products in artificial intelligence.

Notably, Chadha has been reappointed for a period of three years with effect from April 1, 2024 up to and including March 31, 2027, subject to shareholder approval.