L&T Tech Q2 Results: Net profit rises 5% YoY to Rs 315 crore; firm declares dividend of Rs 17/share

Mid-tier IT company L&T Tech on Tuesday reported 5% growth in its consolidated net profit at Rs 315 crore for the quarter ended September. It was Rs 300 crore in the year-ago period.

Revenue from operations during the reporting quarter jumped 5% year-on-year to Rs 2,387 crore as against Rs 2,282 crore in the second quarter of last year.

The board of directors has also declared an interim dividend of Rs 17 per equity share.

The interim dividend will be paid to equity shareholders of the company whose names will appear in the register of members or in the records of the depositories as on Friday, October 27, which is the record date.

In constant currency (CC) terms, revenue rosr 2% year-on-year. The dollar revenue for the quarter stood at $288 million.

EBIT for the September quarter came in at Rs 407 crore, with an EBIT margin of 17%.

During the quarter, the company won a total of seven $10 million-plus TCV (total contract value) deals across all industry segments including six deals of $15 million each.

“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," said Amit Chadha, CEO & MD, L&T Tech.

"Deal momentum was strong with the highlight being a $10 million plus deal win leveraging SWC capabilities in North America. This win has been the result of having a superior end-to-end technology stack for wireless and 5G communications which is becoming a key differentiator for us," he added.

At the end of September quarter, the patents portfolio of L&T Tech stood at 1,198, out of which 785 are co-authored with its customers and the rest are filed by the company.

The company's employee strength stood at 23,880 as of September 30, 2023. On Monday, L&T Tech shares closed 1.24% lower at Rs 4,631 on NSE.