PremiumThe revenue of the company grew by 21.4 per cent to ₹2,048.6 crore in the quarter under review from ₹1,687.5 crore a year ago.
L&T Technology Services on Thursday reported a 22 per cent rise in net profit to ₹303.6 crore for the December 2022 quarter. This is against a net profit of ₹248.8 crore in the year-ago period, L&T Tech Services said in a regulatory filing.
The revenue of the company grew by 21.4 per cent to ₹2,048.6 crore in the quarter under review from ₹1,687.5 crore a year ago, said L&T Technology Services in the filing.
"Q3 was a marquee quarter for value creation both from a shareholder and technology standpoint. We surpassed the ₹300 crore mark in Net profits and crossed the milestone of 1,000 plus patent filed by us. We had 5 deal wins above $10M in TCV and a significant empanelment from Airbus who named us as strategic partner. Growth in the quarter was muted due to seasonality and higher than expected impact from furloughs especially in the Plant Engineering segment," said Amit Chadha, CEO & Managing Director L&T Technology Services Limited.
"Transportation performed well driven by healthy spends in our big bet - electric, autonomous and connected vehicles. 3 of the total 5 deal wins greater than $10M were from Industrial Products on the back of our differentiated capabilities in digital twin and sustainability driven product development. Operational performance continues to be robust with EBIT margin at an all-time high of 18.7% and our Net profit crossed the INR 3 Bn mark quarterly. This has been the 6th consecutive quarter of 18% plus EBIT margin. For FY23, we expect USD revenue growth to be around 15% organic, in constant currency (using Q4FY22 currency rates as benchmark)," he added.
EBIT for the quarter stood ₹382.9 crore while the EBIT margin at 18.7 per cent.
On Friday, the company's scrip on BSE closed trading 0.29 per cent lower at ₹3,410.80.