L&T Tech Services Q2 FY24: Net profit up 1.3%, revenue at ₹2,378 crore 

L&T Technology Services (LTTS), the tech arm of Larsen & Toubro, posted a consolidated net profit of ₹316 crore and a consolidated revenue of ₹2,378 crore in the second quarter of fiscal year 2023-24, as per a regulatory filing made on October 17.

Sequentially, the net profit was marginally up by 1.3 percent, as it came in at ₹312 crore in the first quarter of FY24. The growth in revenue was 3.7 percent quarter-on-quarter, as it stood at ₹2,301 crore in the April-June period. Year-on-year, the net profit in Q2FY24 increased by 5.17 percent, as it stood at ₹299.9 crore in the corresponding period of FY23. The revenue grew by 4.59 percent from ₹2,281.7 crore in the year-ago period.

In dollar terms, the revenue came in at $288.1 million, marking a growth of 2 percent YoY and 3.2 percent QoQ in constant currency, L&T Tech said in a media release. The earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at ₹414 crore in Q2FY24, which is 3.4 percent higher as against ₹401 crore reported in the June 2023 quarter. The margin remained flat sequentially at 17.4 percent.

“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.

L&T Tech also announced that its board has declared an interim dividend of ₹17 per equity share, and fixed October 27 as the record date for the dividend payout.