L&T Technology Services, the technology arm of Larsen & Toubro, reported its second-quarter results for the fiscal year 2023-24, revealing a consolidated net profit of ₹316 crore and a consolidated revenue of ₹2,378 crore. The announcement came through a regulatory filing made on October 17, showcasing the company’s financial performance.
In comparison to the previous quarter, the net profit showed a marginal increase of 1.3%, rising from ₹312 crore in the first quarter of FY24. Meanwhile, the revenue witnessed a notable growth of 3.7% quarter-on-quarter, reaching ₹2,301 crore for the April-June period.Year-on-year, the net profit for Q2FY24 demonstrated a 5.17% increase, reaching ₹299.9 crore compared to the corresponding period in FY23. Similarly, the revenue exhibited a growth of 4.59% from ₹2,281.7 crore in the year-ago period.Expressed in dollar terms, the revenue amounted to $288.1 million, marking a growth of 2% year-on-year and 3.2% quarter-on-quarter in constant currency, as highlighted in a media release by L&T Tech.
The earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q2FY24 stood at ₹414 crore, reflecting a 3.4% increase compared to ₹401 crore reported in the preceding June 2023 quarter. Despite this growth, the margin remained flat sequentially at 17.4%.
Amit Chadha, the CEO & Managing Director of L&T Tech, emphasized the strong deal momentum, citing a significant deal win of more than USD 10 million. “Deal momentum was strong with the highlight being a USD 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,” said Amit Chadha, CEO & Managing Director, L&T Tech.
“We are investing in software defined vehicles, AI and cybersecurity and will have close to 2,000 employees trained over the next few quarters. Our collaboration with hyperscalers and chip companies is helping us develop AI solutions and services that address needs of industries like auto, manufacturing and medical,” he added.
The financial performance and strategic initiatives outlined by L&T Tech in its Q2 results highlight the company’s resilience and commitment to growth amidst evolving market dynamics. Investors and industry observers will likely monitor the company’s future moves and performance closely as it navigates the rapidly changing landscape of technology and innovation.
