L&T Tech Services Q2 Results: Revenue ₹25,729 Million, Net Profit ₹3,196 Million, Interim Dividend ₹17

L&T Technology Services Ltd on Wednesday reported a marginal 1.91% increase in its net profit at ₹319.6 crore in its September 2024 quarter results. The company had reported a net profit of ₹313.60 crore in the June quarter.

L&T Tech Services Q2 Results Highlights

    • Revenue: ₹25,729 million; growth of 4.5% QoQ growth of 8% YoY.
    • Net Profit: ₹3,196 million; growth of 1.3% YoY.
    • EBIT of ₹3,877 million for the quarter, EBIT margin at 15.1%.
    • USD Revenue at $307 million; growth of 3.9% QoQ and 6.5% YoY.
    • Interim Dividend of ₹17 per share; Record date October 25, 2024.
    • Stock Reaction: Shares settled at ₹5,325, up marginally by 0.12% post-results.
 

L&T Tech Services Management Commentary

During the quarter, L&T Technology Services aka LTTS won two USD 20 million and four USD 10 million TCV deals. Additionally, the company won two significant empanelment agreements in Sustainability.

“I am happy to launch a new brand positioning Purposeful. Agile. Innovation. The brand refresh will create a platform for the future, helping us to scale in 3 strategic segments – Mobility, Sustainability and Tech, and build each of them into standalone billion-dollar units.

These segments have already started to show results aided by our ‘Go Deeper to Scale’ strategy which we embarked on at the start of the year. We had strong sequential growth of 4% in Q2 led by Sustainability at 6.5% on the back of earlier large deals and empanelment agreements. Mobility also had a strong showing with 5% growth driven by our differentiated story on SDV and hybridization.

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We are seeing an uptick in AI-led deal conversations, and our portfolio of AI solutions & accelerators is helping win deals in our focus areas across segments. We have filed a total of 165 patents in AI in till date.

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%,” said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.

The company has also fixed record date for the payment of the interim dividend. In an exchange filing, the company said, "The Interim Dividend shall be paid to equity shareholders of the Company whose names will appear in the Register of Members or in the records of the Depositories as Beneficial Owners of Equity shares as on Friday, October 25, 2024, which is the Record Date fixed for the aforesaid purpose."

Stock Market Reaction 

L&T Technology Services Share Price of the company settled at ₹5,325, up marginally by 0.12% on announcing its Q2 Results on the BSE.

About L&T Tech Services

L&T Technology Services (LTTS) is a global leader in engineering and technology services. A listed subsidiary of Larsen & Toubro (L&T), L&T offers design, development, testing, and sustenance services across products and processes.

Headquartered in India, L&T has over 23,700 employees across 22 global design centers, 30 global sales offices, and 108 innovation labs, as of September 30, 2024.