L&T Tech Records 5% Profit Growth and Secures Major Deals in Q3

18 Oct 2023 , 11:15 AM

L&T Tech, a mid-tier IT company, reported a 5% increase in consolidated net profit, reaching Rs 315 crore for the quarter ending in September. This marked a rise from the previous year’s figure of Rs 300 crore.

Revenue from operations in the same quarter experienced a 5% year-on-year growth, reaching Rs 2,387 crore, compared to the Rs 2,282 crore recorded in the second quarter of the prior year.

The company’s board of directors announced an interim dividend of Rs 17 per equity share. This dividend will be disbursed to equity shareholders listed in the register of members or the depositories’ records as of the record date, which falls on Friday, October 27.

In constant currency terms, revenue grew by 2% year-on-year, with a quarterly dollar revenue of $288 million.

The EBIT for the September quarter amounted to Rs 407 crore, achieving an EBIT margin of 17%. During this quarter, the company secured seven contracts valued at over $10 million each, spanning various industry segments, including six contracts valued at $15 million each.

Amit Chadha, CEO & MD of L&T Tech, expressed satisfaction with the company’s performance. He noted a 3.2% sequential growth in constant currency and a sustained operating margin of 17% despite accommodating wage increases for employees. He also highlighted a significant deal win, leveraging SWC capabilities in North America, emphasizing their superior technology stack for wireless and 5G communications as a key differentiator.

As of the end of the September quarter, L&T Tech possessed a patent portfolio comprising 1,198 patents, with 785 co-authored with customers and the remainder filed by the company.

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