L&T Technology Services Q1 results: Net profit rises 84% YoY to Rs 216.2 crore, beats estimates

TCS Q1 result 2021: Net profit up 28.5% to Rs 9,008 crore; misses estimates

The earnings before interest and tax (EBIT) grew by 9.7 percent QoQ to Rs 262.3 crore.

During the quarter, L&T Technology Services won six deals with TCV of $10 million-plus, which includes two $25 million-plus deals. Revenues from digital and leading-edge technologies stood at 54 percent during the quarter.

At the end of the first quarter, the patents portfolio of L&T Technology Services stood at 719, out of which 531 are co-authored with its customers and the rest are filed by the company. At the end of the first quarter, L&T Technology Services' employee strength stood at 16,972.

Also read: Infosys Q1 net profit rises 2.3% to Rs 5,195 crore; raises FY22 CC revenue growth forecast to 14-16%

Amit Chadha, the CEO and managing director, L&T Technology Services, said the company started the new fiscal with a strong performance, despite the pandemic-related challenges during the quarter. In Q1, we got our revenue back on the double-digit growth trajectory and marked four consecutive quarters of operating margin improvement.

"To further scale and strengthen our technology and capability advantage, we have identified 6 strategic investment areas – Electric Autonomous & Connected Vehicle (EACV), 5G, Medtech, Digital Manufacturing, AI&ML driven smart offerings and Sustainability. The focus will be on innovation and solution building in these new-age areas that will position us as the partner of choice for customers in their next-generation product

The results came after the close of the market hours. Shares of L&T Technology Services ended at Rs 2,910.25, up by Rs 81.05, or 2.86 percent on the BSE.

Also read: DMart Q1 results: Net profit jumps 132% to Rs 115 crore, revenue up by 31%