L&T Tech Net profit Soars To 1.3% at 316 crore

CIOTechOutlook Team | Tuesday, 17 October 2023, 11:45 IST

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L&T Technology Services, the tech arm of Larsen & Toubro, reported a consolidated net profit of 316 crore and a consolidated revenue of 2,378 crore in the second quarter of fiscal year 2023-24. Net profit increased by 1.3 percent sequentially, reaching 312 crore in the first quarter of FY24. Revenue increased by 3.7 percent quarter over quarter, reaching 2,301 crore in the April-June period.
 
Year-on-year, the net profit in Q2FY24 increased by 5.17 percent, as it stood at ₹299.9 crore in the corresponding period of FY23. The revenue grew by 4.59 percent from from ₹2,281.7 crore in the year-ago period. The earnings before interest, depreciation, taxes and amortisation (EBIDTA) came in at ₹414 crore in Q2FY24, which is 3.4 percent higher as against ₹401 crore reported in the June 2023 quarter. The margin remained flat sequentially at 17.4 percent, as per livemint
 
L&T Tech also stated that its board of directors has declared an interim dividend of 17 per equity share, with the record date set for October 27. L&T Tech's stock closed at 4,623 per share on the BSE ahead of the announcement of Q2FY24 earnings, down 1.41 percent from the previous day's finish.
 
L&T Technology Services (LTTS) is an Indian multinational technology business located in Vadodara that provides engineering research and development (ER&D) services. Automotive engineering, embedded system and semiconductor engineering, industrial internet of things, manufacturing plant engineering, and medical engineering are among the company's commercial interests.
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