IT company L&T Technology Services (LTTS) on Tuesday (July 18) reported a 13 percent year-on-year (YoY) increase in net profit at Rs 311 crore for the first quarter that ended June 30, 2023.

In the corresponding quarter last year, the company posted a net profit of Rs 275 crore, the company said in a regulatory filing. CNBC-TV18 Polls had predicted a profit of Rs 311 crore for the quarter under review.

In the quarter, total revenue stood at Rs 2,301 crore during the period under review, up 15 percent against Rs 2,006 crore in the corresponding period of the preceding fiscal. CNBC-TV18 Polls had predicted revenue of Rs 2,353 crore for the quarter under review.

At the end of the first quarter, L&T Technology Services' employee strength stood at 23,392 and the patents portfolio stood at 1,145, out of which 757 are co-authored with its customers and the rest are filed by the company.

Amit Chadha, CEO and managing director of L&T Technology Services, said the company had a good start in the new fiscal with Q1 revenue clocking 10 percent growth year-on-year to $280 million, a healthy addition of large deal wins, and operationally strong results. Demand trends remain strong in transportation which led to a 4 percent sequential growth in the quarter.

He said the pace of deal closures picked up towards the end of Q1 and the company was able to close a $50 million plus deal and 5 additional deals of $10 million plus each across segments.

The company's operational performance continues to be strong with an EBIT margin of 17.2 percent and PAT of Rs 311 crore which is a growth of 13 percent year-on-year. It maintains dollar revenue growth guidance of 20 percent plus in constant currency, Chadha said.

The results came after the close of the market hours. Shares of L&T Technology Services ended at Rs 4,063.55, down by Rs 35.75, or 0.87 percent on the BSE.

First Published:Jul 18, 2023 4:41 PM IST