L&T Tech Services' Q2 net profit grows 23% to Rs 282 cr; revenue up 24%

IT company L&T Technology Services on Tuesday posted a 22.7 per cent growth in consolidated net profit to Rs 282.4 crore for the second quarter ended September 2022.

The company had reported a net profit of Rs 230 crore in the same period a year ago.

The consolidated revenue from operations of L&T Technology Services (LTTS) grew about 24 per cent to Rs 1,995 crore from Rs 1,607.7 crore in the September 2021 quarter.

LTTS CEO and Managing Director Amit Chadha said the company has achieved annualised revenue run-rate of USD 1 billion (about Rs 8,000 crore) in constant currency terms.

"We are proud to have achieved a USD 1 billion annualized revenue run-rate in the second quarter on constant currency basis. Our momentum stayed strong in the second quarter with revenue growing sequentially by 4.5 per cent in constant currency. Investments into our EACV (Electric Autonomous Connected Vehicles) big bet has helped us win large deals consistently," Chadha said.

He added that the company won a USD 60 million-plus deal in the second quarter, making it the third consecutive quarter of wins in the USD 50 to 100 million total contract value range for the transportation segment.