L&T Tech posts 13% y-o-y growth in net profit

19 Jul 2023 , 10:47 AM

L&T Technologies announced its results for the quarter ended June 2023. The company reported a 13% year-on-year increase in overall net profit to Rs 311 crore in the first quarter of FY24 as compared to Rs 275 crore in the previous corresponding quarter.

The company’s revenue for the quarter under review was Rs 2,301 crore, up 15% from Rs 2,006 crore in the previous fiscal’s similar period.

Net profit was down 8% on a sequential basis, while revenue was down 3%.

The company said that its revenue in constant currency terms registered growth of 10% y-o-y but declined 3% on a sequential basis. The company logged dollar revenue of $280 million during the quarter under review.

L&T Tech reported an EBIT of Rs 395 crore in Q1FY24, up 13% year-on-year against the previous corresponding period. EBIT margin came in at 17.2%.

LTTS secured a $50 million plus deal during the quarter and 5 deals with TCVs (total contract values) of more than $10 million per deal.

Transportation sales jumped 15% year on year, while industrial products revenue increased 8% year-on-year. In the first quarter, revenue from the telecom and plant engineering categories increased by 9% and 1%, respectively.

At around 9.50 AM, L&T Tech was trading marginally lower at Rs 4,064.05 per piece, against the previous close of Rs 4,067.70 on NSE.

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