L&T Tech's Net Profit is Up 13.3% To rs 336 Crore, Revenue Soars 12.3% YoY By CIOTechOutlook Team

L&T Tech's Net Profit is Up 13.3% To rs 336 Crore, Revenue Soars 12.3% YoY

CIOTechOutlook Team | Wednesday, 17 January 2024, 04:12 IST

L&T Technology Services Limited reported a net profit of â‚¹336.2 crore for the third quarter of FY24, up 13.3% from â‚¹296.8 crore in the same period previous year, according to a regulatory filing.

L&T Technology’s revenue in Q3FY24 increased 12.3% to â‚¹2,421.8 crore, from â‚¹2,157 crore, YoY, as per livemint.

The firm reported an 11.9 percent increase in EBITDA to â‚¹487.7 crore from â‚¹435.6 crore in the same quarter last year. The EBIT margin was 17.2 percent, compared to 17.3 percent year on year.

Meanwhile, the firms stated that at the conclusion of Q3FY24, LTTS' staff strength stood at 23,298, while L&T Technology Services' patent portfolio stood at 1,249, with 811 co-authored with its customers and the remainder submitted by LTTS.

“We have made notable progress in each of our new-technology focus areas – AI, software defined vehicles (SDV) and cybersecurity. In AI, we filed 53 patents across segments like Transportation, Medical and Industrial Products. We had our first major win in SDV with a US OEM to define the architecture of their next generation automobiles. And continuing our SWC leveraged global deal wins, we won a $10M plus deal in cybersecurity. These wins are a testimony to our differentiated offerings that enable us to become strategic partners to our customers," said Amit Chadha, CEO and MD, L&T Technology Services Limited.

"All 5 segments grew positively for the second quarter in a row giving us 1% sequential growth despite the seasonal softness. A milestone win for us was the start of a significant relationship with bp to drive digital transformation. Our operational performance was steady helping us achieve double digit profit growth." Amit Chadha added.