L&T Tech Q2 net profit up 10% at Rs 123 crore

IT company L&T Technology Services today reported a 9.65 per cent increase in its consolidated net profit to Rs 122.7 crore in the three months ended September 30.
L&T Technology Services (LTTS) had registered profit of Rs 111.9 crore in the same period a year ago.
"I am pleased to announce a strong performance in the second quarter, led by large deal wins and continued traction in our top 30 customer accounts.
"The quality of deal pipeline is encouraging as we see demand from global customers in our core engineering offerings as well as in newer areas like entertainment platform solutions, autonomous car technologies and digital engineering solutions," LTTS CEO and MD Keshab Panda said in a statement.

The company's revenue from operations increased by 9.46 per cent to Rs 900.6 crore during the reported quarter from Rs 837.6 crore in the corresponding period in previous fiscal.
"Large deal won in 5G segment from a US client, 3-yr contract from a global media company and a contract for autonomous driving helped boost our revenues. There has been stabilisation in commodities segment which led to increase in our transportation segment business," LTTS President for sales and business development Amit Chadha said.

He said that investment in patents is giving returns to the company.
"We won deal for autonomous cars because of our patent in perceptual distance control and a camera technology. We have filed 287 patents till date," Chadha said.

The company is also very bullish for plant engineering in chemical segment, he added.
LTTS reported 60.8 per cent business from North America and 16.5 per cent from European market.
Shares of LTTS closed at Rs 825.55 a unit, down by 3.98 per cent compared to previous close, on BSE today.