L&T Technology Services net profit rises to Rs 320 crore in Q2

Mumbai: IT major L&T Technology Services Ltd reported a net profit of Rs 320 crore in the July-September quarter of FY 2024-25 on Wednesday, up 2 per cent in comparison to Rs 314 crore in the previous quarter.

According to the exchange filing by L&T Technology Services (LTTS), revenue during the second quarter of the financial year (FY) 2024-25 rose 4.5 per cent to Rs 2,573 crore from Rs 2,462 crore in the April-July quarter of this fiscal.

The company reported USD revenue at $307 million up 6.5 per cent YoY. The earnings before interest and taxes rose 1 per cent to Rs 388 crore, whereas the EBITDA margin contracted to 15.1 per cent.

L&T Technology Services Ltd CEO & Managing Director Amit Chadha said: "With our pipeline comprising larger-sized deals involving consolidation as well as advanced technology-led transformation, we are confident about the vision we set for ourselves and our medium-term outlook of $2 billion revenue with EBIT margin of 17-18 per cent."

"We are seeing an uptick in artificial intelligence (AI) led deal conversations, and our portfolio of AI solutions & accelerators is helping win deals in our focus areas across segments. The company has filed a total of 165 patents in AI till date," he added.

At the end of Q2FY25, the patents portfolio of L&T Technology Services stood at 1,394, out of which 877 are co-authored with its customers and 517 are filed by LTTS. LTTS’ employee strength stood at 23,698 in the quarter ended September 30.

L&T Technology Services announced an interim dividend of Rs 17 per equity share. The company announced a distribution of Rs 179.9 crore to shareholders in the second quarter of this fiscal. The board has fixed October 25 as the record date for dividend payment. Shares of LTTS closed 0.72 per cent higher at Rs 5,356.9 apiece on the NSE, compared to a 0.34 per cent decline in the benchmark Nifty 50.