L&T Technology Services posts 18 pc growth in profit in second quarter

Mumbai (Maharashtra) [India], October 18 : Leading pure-play engineering services company L&T Technology Services (LTTS) on Tuesday posted an 18 per cent year-on-year growth in net profit at Rs 2,824 million for the quarter ended September 30.
The company's revenue grew 24 per cent to Rs 19,951 million during the reviewed quarter. The margin of earnings before interest and taxes was at 18.2 per cent. The company also said dollar revenue was at $247.1 million, which is 24 per cent y-o-y growth in constant currency over the previous year's figure. The company also said an interim dividend of Rs 15 per share would be declared on October 28.
During the quarter, LTTS said it won a $60-million plus deal and a deal with TCV of $10 million.
"We are proud to have achieved a $1-billion annualised revenue run-rate in Q2 (second quarter) on constant currency basis. Our momentum stayed strong in the second quarter with revenue growing sequentially by 4.5 per cent in constant currency. Investments into our EACV (electric, autonomous and connected vehicle) big bet has helped us win large deals consistently," said Amit Chadha, CEO & managing director.
He said even as macro-economic uncertainties prevail, the company does see customer investments continuing unabated in the six big bets. "Our innovation-led engineering and technology offerings give us the confidence of meeting our growth aspirations," said Amit Chadha.
L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro focused on Engineering and R&D (engineering, research & development) services.
The share of the company closed 2.39 per cent up at Rs 3,672.10 in the last trading session on BSE.