Engineering services company L&T Technology Services Ltd has reported 23 per cent year-on-year(YoY) rise in net profit at ₹282 crore for the quarter ended September 30. On a sequential basis, the profits rose 3 per cent from ₹274.2 crore in the last quarter.
Revenue from operations stood at ₹1,995 crore, a 24 per cent increase YoY. On a quarter-on-quarter(QoQ) basis, the revenues increased by 6.5 per cent from ₹1,873.7 crore last quarter.
For the quarter, the company’s EBIT margin stood at 18.2 per cent. It had 21,474 employees at the end of September quarter, the trailing 12-months attrition was at 24.1 per cent, higher than 23.2 per cent, recorded last quarter.
Amit Chadha, CEO & Managing Director, LTTS, told BusinessLine, “There is a little bit of tightness in the market overall decision. If a project doesn’t add to the top line or bottom line of our customers, it is getting another look. We have cautious and agile, but at large we have a positive outlook.”
During the quarter, LTTS won a $60 million plus deal and a deal with Total Contract Value(TCV) of $10 million. The patents portfolio stood at 976, out of which 663 are co-authored with its customers and the rest are filed by LTTS.
“Even as macroeconomic uncertainties prevail, we do see customer investments continuing unabated in the six big bets. Our innovation-led engineering and technology offerings give us the confidence of meeting our growth aspirations,” Chadha added.