Mumbai– L&T Technology Services Ltd (LTTS) has announced a net profit of Rs 320 crore for the July-September quarter of FY 2024-25, marking a 2% increase from Rs 314 crore reported in the previous quarter. The company attributed this growth to a robust revenue stream, which rose by 4.5% to reach Rs 2,573 crore, up from Rs 2,462 crore in the April-July quarter. In a filing to the stock exchange, LTTS reported its USD revenue at $307 million, showing a year-on-year growth of 6.5%. While earnings before interest and taxes (EBIT) increased by 1% to Rs 388 crore, the company noted a contraction in its EBITDA margin, which sat at 15.1%.
Amit Chadha, CEO and Managing Director of L&T Technology Services, expressed optimism about the company's future, stating, “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%.” Chadha highlighted a growing interest in artificial intelligence (AI) among clients, noting, “We are seeing an uptick in AI-led deal conversations, and our portfolio of AI solutions and accelerators is helping win deals in our focus areas across segments.”
The company has filed a total of 165 patents focused on AI to date, contributing to a total patent portfolio of 1,394 patents, of which 877 are co-authored with customers and 517 filed by LTTS. At the end of the second quarter, LTTS reported an employee strength of 23,698. The company also announced an interim dividend of Rs 17 per equity share, amounting to a total distribution of Rs 179.9 crore to shareholders. The record date for dividend payment has been set for October 25. Following the announcement, shares of LTTS closed 0.72% higher at Rs 5,356.9 apiece on the National Stock Exchange (NSE), outperforming the benchmark Nifty 50, which saw a slight decline of 0.34%. With promising growth figures and a strong emphasis on AI, L&T Technology Services aims to position itself as a leader in the IT services industry.
