L&T Technology Services Reports Net Profit Growth, Revenue Up 7 Pc
Date
7/18/2024 7:45:11 AM
(MENAFN- IANS) Mumbai, July 18 (IANS) L&T technology Services Ltd (LTTS) on Thursday reported a net profit of Rs 314 crore for the first quarter of the current fiscal (FY25) ended June 30, marking a nearly 1 per cent year-on-year growth.
The engineering services company posted revenues at Rs 2,462 crore, a 7 per cent growth YoY.
During the quarter, LTTS won two $30 million deals, two $15 million deals, and three deals with a total contract value (TCV) of $10 million.
Amit Chadha, CEO and Managing Director, L&T Technology Services, said that the company's mobility grew by 6 per cent sequentially "driven by our differentiated presence across EV, SDV and connected car technology”.
“In hi-tech and sustainability, our new strategy is driving a significant increase in the pipeline and large deal discussions that make us confident of a pickup in growth momentum,” said Chadha.
The company said it is reassured of its performance for the rest of the year and“reaffirm our aspirations to reach $1.5 billion in annualised revenues”.
At the end of Q1 FY25, the patents portfolio of L&T Technology Services stood at 1,343, out of which 853 are co-authored with its customers, while the rest are filed by LTTS.
A listed subsidiary of Larsen & Toubro Limited, the company now employs 23,577 people.
Headquartered in India, it has 22 global design centres, 30 global sales offices, and 108 innovation labs.
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