L&T Technology Services (LTTS) reported a revenue of Rs 2,422 crore in the December quarter of FY24, up by 1.5% sequentially. The September quarter revenue for the company was at Rs 2,386 crore.
The Baroda-based company also reported a net profit of Rs 336 crore for the same period, a growth of 6.6% quarter on quarter (q-o-q), up from the Rs 315 crore profit it made in the September quarter.
On a margin of 17.2%, the operating profit for the company in the third quarter stood at Rs 416 crore, up by 2.2% from the preceding quarter. In the second quarter, the firm’s operating profit was Rs 407 crore at a margin of 17.1%.
During the quarter, LTTS signed a total of six $10 million-plus TCV deals across all industry segments that include one $40 million deal and one $20 million deal.
Amit Chadha, CEO and MD, LTTS, said, “We have made notable progress in each of our new technology focus areas – AI, software defined vehicles (SDV) and cybersecurity. In AI, we filed 53 patents across segments like transportation, medical and industrial products.
We had our first major win in SDV with a US OEM (original equipment manufacturer) to define the architecture of their next generation automobiles. And continuing our SWC-leveraged global deal wins, we won a $10M plus deal in cybersecurity. These wins are a testimony to our differentiated offerings that enable us to become strategic partners to our customers.”
Chadha, added, “All five segments grew positively for the second quarter in a row, giving us 1% sequential growth despite the seasonal softness. A milestone win for us was the start of a significant relationship with bp to drive digital transformation. Our operational performance was steady, helping us achieve double digit profit growth.”
Attrition came down from 16.7% in the September quarter to 15.8% in the just concluded quarter. The company’s total headcount declined by 582 to reach 23,298 at the end of Q3.