Results for L&T Tech's second quarter show a 5% YoY increase in net profit and a dividend of Rs 17 per share

18 Oct 2023 , 02:29 AM

L&T Tech, a mid-tier IT company, stated on Tuesday that its consolidated net profit increased by 5% to Rs 315 crore for the quarter that ended in September. In the prior year, it was Rs 300 crore.

When compared to the second quarter of last year, revenue from operations for the reporting quarter increased 5% year over year to Rs 2,387 crore from Rs 2,282 crore.

An interim dividend of Rs 17 per equity share has also been announced by the board of directors.

The equity shareholders of the company who have their names in the member’s register or in the depositories’ records as of Friday, October 27, the record date, will receive the interim dividend.

Revenue increased 2% year over year in constant currency (CC) terms. The total revenue in dollars for the quarter was $288 million.

With an EBIT margin of 17%, the September quarter’s EBIT totaled Rs 407 crore.

All industry segments combined, the company secured seven contracts of $10 million or more in total contract value during the quarter, including six contracts above $15 million each.

According to Amit Chadha, CEO & MD, L&T Tech, ‘We had a strong performance with revenue growing by 3.2% sequentially in constant currency and operating margin sustaining at 17% plus levels even as we absorbed wage hikes for our employees.’

‘Business momentum was strong, with a $10 million+ business victory leveraging SWC’s North American capabilities serving as the highlight. The fundamental differentiator for us now, according to him, is our superior end-to-end technology stack for wireless and 5G communications.

At the end of the third quarter, L&T Tech had 1,198 patents in its portfolio, 785 of which were co-authored with its clients. The remaining patents were independently filed by the business.

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