DBT Bureau
Bengaluru, 17 October 2024
The share price of engineering services firm, L&T Technology Services gained in early trade after the company posted sound second quarter results ended September.
Its share price was trading 0.39% up at Rs 5,377.65 in NSE in the early morning trade.
The company reported a net profit of Rs 319.6 crore, a rise of 1.3% over the same period last year. Its revenue stood at Rs 2,573 crore, up 7.8% YoY basis. In dollar term, revenue stood at $306.7 million, an increase of 3.4% sequentially in constant currency basis.
“We had a strong quarter with 4% sequential growth led by broad-based performance across all three segments. Sustainability picked up very well growing by 6.5% on the back of earlier large deals and empanelment agreements. Mobility also had strong showing with 5% growth driven by our differentiated story on SDV and hybridization. In the Tech segment, we are seeing the growth momentum improving especially with our hyperscaler customers,” Amit Chadha, CEO & MD of LTTS said.
“We reaffirm our FY25 guidance of 8-10% revenue growth in constant currency, and medium-term outlook of $2 billion revenue with EBIT margin of 17-18%,” he added.
The company had bagged two $20 million and four $10 million TCV deals.
During this period, company’s EBIT margin dropped 50 basis points sequentially to touch 15.1 per cent in the second quarter ended September.
Among verticals, mobility grew 4.8 per cent, while sustainability increased 6.5 per cent during this period. Tech vertical reported a growth of 1.2 per cent in the September quarter.
Total headcount of the engineering services firm saw a growth of 121 people, reaching 23,698 by the end of September quarter.
