L&T Tech Services Q1 net dips 9 pc to Rs 98 cr

L&T Technology Services (LTTS) today posted a 9.3 per cent drop in consolidated net profit to Rs 98 crore for the June quarter.
The company's net profit was at Rs 108 crore in the year-ago period, it said in a BSE filing.
Its revenue from operations stood at Rs 822.6 crore, 2.5 per cent higher than Rs 802.9 crore in the same quarter of the previous fiscal, it added.
On sequential basis, net profit increased 1.6 per cent from Rs 96.5 crore, while revenue was up 1.3 per cent from Rs 812.3 crore in the January-March 2017 period.
In dollar terms, revenue grew 6.3 per cent year-on-year to USD 128 million in the quarter under review.

"Despite the impact of the rupee appreciation, we have maintained steady net margins on a sequential basis," LTTS CEO and MD Keshab Panda said.

He added that growth in revenue was driven by projects in new technology areas and sustained business momentum from its top 30 customers.
"The healthy deal pipeline makes us optimistic of posting a robust revenue growth in FY18," Panda noted.
LTTS is ramping up its design centres in Texas and the Midwest region to address the changing demands from US customers, it said.
In terms of geographic share, North America contributed the most at 64.5 per cent, followed by Europe at 16.6 per cent and rest of the world contributing 9.6 per cent. Contribution from the domestic market stood at 9.3 per cent.

In terms of verticals, transportation and industrial products accounted for over 59 per cent of revenue.
At the end of June quarter, the company had 10,805 employees. Its attrition rate was at 13.4 per cent.
Shares of the company closed marginally higher at Rs 775.50 apiece on BSE.