L&T Technology Services, the engineering services arm of Larsen and Toubro Group, on Wednesday, reported an 84 percent jump in its net profit to Rs 216.2 crore for the quarter ended June 30, 2021.
In the corresponding quarter last year, the company posted a net profit of Rs 117.3 crore. CNBC-TV18 Poll had predicted a profit of Rs 185 crore for the quarter under review.
Its revenue from operations grew 17 percent to Rs 1,518 crore in the first quarter of FY22 from Rs 1,294.7 crore in the year-ago period, L&T Technology Services said in a regulatory filing.
The earnings before interest and tax (EBIT) grew by 9.7 percent QoQ to Rs 262.3 crore.
During the quarter, L&T Technology Services won six deals with TCV of $10 million-plus, which includes two $25 million-plus deals. Revenues from digital and leading-edge technologies stood at 54 percent during the quarter.
At the end of the first quarter, the patents portfolio of L&T Technology Services stood at 719, out of which 531 are co-authored with its customers and the rest are filed by the company. At the end of the first quarter, L&T Technology Services' employee strength stood at 16,972.
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Amit Chadha, the CEO and managing director, L&T Technology Services, said the company started the new fiscal with a strong performance, despite the pandemic-related challenges during the quarter. In Q1, we got our revenue back on the double-digit growth trajectory and marked four consecutive quarters of operating margin improvement.
"To further scale and strengthen our technology and capability advantage, we have identified 6 strategic investment areas – Electric Autonomous & Connected Vehicle (EACV), 5G, Medtech, Digital Manufacturing, AI&ML driven smart offerings and Sustainability. The focus will be on innovation and solution building in these new-age areas that will position us as the partner of choice for customers in their next-generation product
The results came after the close of the market hours. Shares of L&T Technology Services ended at Rs 2,910.25, up by Rs 81.05, or 2.86 percent on the BSE.
First Published: IST