L&T Tech Q3: Net Profit Up 13% YoY at ₹336 Crore, Revenue Rises 12%

L&T Technology Services Limited has posted financial results for the third quarter of FY24, showcasing growth in both net profit and revenue. The firm reported a net profit of ₹336.2 crore, marking a 13.3% increase from ₹296.8 crore in the same quarter last year.

Financial Highlights

Net Profit: ₹336.2 crore (13.3% growth YoY)
Revenue: ₹2,421.8 crore (12.3% growth YoY)
EBITDA: ₹487.7 crore (11.9% growth YoY)
EBIT Margin: 17.2% (compared to 17.3% YoY)

Operational Achievements

During the third quarter, L&T Technology Services sealed six high-value deals, total exceeding $10 million in Total Contract Value (TCV) included a $40-million deal and a $20-million deal, demonstrating the company's prowess across various industry segments. LTTS inked two empanelment agreements during the quarter, further solidifying its position in the market.

As of 31 December 2023, the company employed 23,298 individuals, showing an increase from 22,501 employees in the same period the previous year. However, there was a decline in the workforce compared to the preceding quarter, with the headcount standing at 23,880 as of 30 September, 2023.

Management Commentary

L&T Technology Services Limited, under the leadership of CEO and MD Amit Chadha, has marked progress in their focus areas of AI, software-defined vehicles (SDV), and cybersecurity. In AI, the company filed 53 patents spanning sectors like Transportation, Medical, and Industrial Products.

The SDV segment achieved a milestone with a major win, defining the architecture for the next generation of automobiles with a leading US OEM. Additionally, L&T Technology Services secured a $10M+ deal in cybersecurity, showcasing the effectiveness of its offerings. Despite seasonal softness, all five segments registered positive growth for the second consecutive quarter, resulting in a 1% sequential growth.

L&T Technology Services maintained consistent operational performance, leading to a double digit growth in profits. Amit Chadha emphasized that these accomplishments reflect their unique solutions, positioning the company as a partner for their customers.

Stock performance

In the last month, L&T Technology Services saw a slight increase of 0.69%. Over the past six months, there has been a rise of 30.96% and in the last year, the stock rose 57.37%. Looking back over the past five years, the company has shown remarkable progress, with an increase of 226.95%. Before the result on Tuesday stock closed 1.44% down at ₹5,366