L&T Technology Services Net Profit Jumps 84% To Rs 216 Crore In June Quarter

Edited by Nikita Prasad

14 Jul 2021, 08:12 PM IST

Shares of L&T Tech settled 2.86 per cent higher at Rs 2,910.25 apiece on the BSE.

L&T Technology services - the engineering services arm of infrastructure conglomerate Larsen & Toubro (L&T) announced its April-June quarter results for the financial year 2021-22, reporting a net profit of Rs 216 crore on a consolidated basis, up 84 per cent year-on-year. L&T tech reported a profit of Rs 117.3 crore in the corresponding quarter of the previous fiscal year.

The company's revenue from operations in the first quarter of the current fiscal stood at Rs 1,518 crore, compared to Rs 1,294.7 crore in the same quarter of the previous financial year, marking a growth of 17 per cent year-on-year.

The company's earnings before tax (EBIT) increased 9.7 per cent quarter-on-quarter to Rs 262.3 crore, according to the regulatory exchange filing by the company to the stock exchanges today. At the end of the quarter, the patents portfolio of the company stood at 719.

The engineering and technology services company won six deals with TCV worth over $10 million during the quarter. The revenues from the digital and leading-edge technologies came in at 54 per cent during the June quarter. The company closed several multi-million dollar projects from global customers across many verticals.

''To further scale and strengthen our technology and capability advantage, we have identified six strategic investment areas – electric autonomous and connected vehicle, 5G, medtech, digital manufacturing, AI&ML driven smart offerings and sustainability,'' said Mr Amit Chadha, CEO & Managing Director, L&T Technology Services.

On Wednesday, July 14, shares of L&T Tech settled 2.86 per cent higher at Rs 2,910.25 apiece on the BSE. L&T Tech opened on the BSE at Rs 2,830.15, swinging to an intra day high of Rs 2,934 and an intra day low of Rs 2,801.20, throughout the trading session today.