Engineering services company L&T Technology Services Ltd (LTTS) on July 15 reported a 27 percent year-on-year (YoY) jump in net profit at Rs 274.2 crore for the first quarter ended June 30, 2022.
In the corresponding quarter last year, the company posted a net profit of Rs 216 crore. CNBC-TV18 Polls had predicted a profit of Rs 271 crore for the quarter under review.
The company's revenue from operations stood at Rs 1,873.7 crore during the period under review, up 23 percent against Rs 1,518 crore in the corresponding period of the preceding fiscal.
The company's earnings before tax (EBIT) increased 4.9 percent quarter-on-quarter to Rs 343.4 crore from Rs 327.4 crore, according to the regulatory exchange filing by the company to the stock exchanges. EBIT margin stood at 18.3 percent in the June quarter compared with 18.6 percent in the March quarter.
In dollar terms, L&T Tech's revenue stood at $239.5 million in the June 2022 quarter, compared to $232 million in the March quarter. During the quarter, LTTS won a $50-million-plus deal, four $15-million deals, and two deals with a total contract value (TCV) of $10 million.
Amit Chadha, CEO and Managing Director, LTTS, said the growth was led by plant engineering and industrial products, benefitting from spends towards digital manufacturing, energy transition, and smart & connected products.
"Deal wins were very strong during the quarter and spread across segments. Our aerospace and rail segment is seeing a revival of large deal bookings with a $50 million deal in Q1 on the back of a stellar long-term deal that we won in the prior quarter. We recently opened an engineering design centre in Toulouse, France to cater to new-age digital requirements of aerospace," he added.
At the end of the first quarter, the patent portfolio of L&T Technology Services stood at 913, out of which 625 are co-authored with its customers and the rest are filed by LTTS; and employee strength stood at 21,433.
The results came after the close of the market hours.
