New Delhi: Engineering services firm L&T Technology Services (LTTS) Tuesday reported a 13 per cent rise in consolidated net profit at Rs 311 crore in the June quarter.
The company had posted a net profit of Rs 276 crore in the year-ago period.
According to a regulatory filing, the company’s revenue from operations rose about 15 per cent to Rs 2,301 crore in the first quarter of the current financial year. The same stood at Rs 2,006 crore in the same period a year ago.
“We had a quarter of strong deal wins across all five segments, the highlight being a $50M-plus deal in telecom and hitech,” the company’s CEO and MD Amit Chadha said.
He also said that customers continue to spend on transformational technologies and seek ER&D (Engineering Research and Development) partners who can deliver innovation, speed-to-market and cost synergies.
The company acquired the Smart World and Communication business of its parent company L&T for next generation communications, sustainable spaces and cyber security in the beginning of the year.
“With the addition of Smart World and Communication, we are now better positioned to play in the next generation communications space. The early wins and critical partnerships with telecom service providers, equipment manufacturers and cyber security providers will create a robust foundation for our future growth,” Chadha said.
North America accounted for about 56 per cent of the company’s revenue at a five per cent rise on year while Europe contributed 15.4 per cent in the June quarter.
The company’s head count rose to 23,392 from 22,131 in the first quarter of the current fiscal.
Chadha said LTTS’ investments into emerging technology areas like AI (Artificial Intelligence), Software Defined Vehicle (SDV) and cyber security continue to help in engaging with customers to prioritise strategic spends and increase market agility.
IT services arm and sister company LTIMindtree Monday posted a 4.1 per cent year-on-year rise in consolidated net profit to Rs 1,152.3 crore in the June quarter.
PTI
