L&T Tech logs 13% y-o-y rise in Q3 net profit at Rs 336 crore

17 Jan 2024 , 12:54 PM

L&T Tech, a mid-tier IT services business, posted a net profit of Rs 336 crore for the quarter ended December, up 13% from Rs 297 crore in the same period previous year.

In the third quarter, revenue from operations increased by 12% year on year (YoY) to Rs 2,422 crore. Last year, the figure was Rs 2,157 crore.

The Board has re-appointed Amit Chadha, CEO and MD of the firm for three years with effect from April 2024.

The double-digit profit growth throughout the reporting period was driven by consistent operating success. The December quarter’s EBIT was Rs 416 crore, with a 17.2% EBIT margin.

During the third quarter, L&T Tech inked six $10 million or more transactions across all industrial groups, including one $40 million and one $20 million contract.

The business stated that its transaction pipeline remains solid, with many major deal prospects, while reiterating its USD revenue growth target of 17.5%-18.5% in constant currency.

At the conclusion of the third quarter, L&T Tech’s patent portfolio totaled 1,249, with 811 co-authored with its clients and the remainder submitted by the company.

As of December 2023, the company reported a headcount of 23,298 employees.

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