L&T Technologies on Tuesday reported a 13% year-on-year rise in its consolidated net profit to Rs 311 crore in the Q1 of FY24. The net profits last year in the same quarter stood at Rs 275 crore.
The company has also clocked revenue of Rs 2,301 crore from Rs 2,006 crore which is a rise of 15% when compared to the previous fiscal year. On a sequential basis net profit was down 8% and revenues declined 3%.
The company’s revenue in Constant Currency (CC) terms grew 10% year-on-year, but fell 3% quarter-on-quarter. During the June quarter, the dollar revenue stood at $280 million.
L&T Tech has clocked an EBIT of Rs 395 crore, up 13% year-on-year, with an EBIT margin of 17.2% for the reporting quarter.
During the quarter, L&T Technology Services won a $50 million plus deal, with an addition of 5 deals with TCV (total contract value) of more than $10 million each.
“Demand trends remain strong in transportation, which led to a 4% sequential growth in the quarter. Growth in other verticals was softer on account of decisionmaking delays that impacted deal closures,” said Amit Chadha, CEO and MD, L&T Tech.
