BENGALURU: L&T Technology Services on Wednesday reported a 1.3% year-on-year growth in net profit at Rs 319.6 crore for the second quarter that ended in September 2024. The company had reported a profit of Rs 315.4 crore in the year-ago period.
The company's revenue in the second quarter stood at Rs 2,572.9 crore, an 8% growth compared to Rs 2,386.5 crore in the year-ago period.
During the quarter, LTTS won two $20 million and four $10 million TCV deals.
Additionally, the company won two significant empanelment agreements in sustainability, it said in an exchange filing. LTTS' EBIT margin for the second quarter stood at 15.1%.
“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 three strategic segments -- Mobility, Sustainability and Tech -- and build each of them into standalone billion-dollar units," said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.
"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," Chadha said.
The company is also seeing an uptick in AI-led deal conversations, and its portfolio of AI solutions & accelerators is helping win deals in its focus areas across segments. "We have filed a total of 165 patents in AI 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%,” he added.
The company has declared an interim dividend of Rs 17 per share, and the record date is October 25, 2024.