L&T Technology Service Reports Net Profit of INR 314 Crore for First Quarter of FY25, Posts Revenue at INR 2,462 Crore Marking 7% YoY Growth

Mumbai, July 18: L&T Technology Services Ltd (LTTS) on Thursday reported a net profit of Rs 314 crore for the first quarter of the current fiscal (FY25) ended June 30, marking a nearly 1 per cent year-on-year growth. The engineering services company posted revenues at Rs 2,462 crore, a 7 per cent growth YoY.

During the quarter, LTTS won two $30 million deals, two $15 million deals, and three deals with a total contract value (TCV) of $10 million. Amit Chadha, CEO and Managing Director, L&T Technology Services, said that the company's mobility grew by 6 per cent sequentially "driven by our differentiated presence across EV, SDV and connected car technology”. Indian Fintech Industry To Reach USD 420 Billion by 2029 at 31% CAGR, Target 1 Billion UPI Transactions per Day: NPCI.

“In hi-tech and sustainability, our new strategy is driving a significant increase in the pipeline and large deal discussions that make us confident of a pickup in growth momentum,” said Chadha. The company said it is reassured of its performance for the rest of the year and “reaffirm our aspirations to reach $1.5 billion in annualised revenues”. Indian Smartphone Market Grows 1% in April-June Quarter, Xiaomi Reclaims Top Spot With 18% Market Share: Report.

At the end of Q1 FY25, the patents portfolio of L&T Technology Services stood at 1,343, out of which 853 are co-authored with its customers, while the rest are filed by LTTS. A listed subsidiary of Larsen & Toubro Limited, the company now employs 23,577 people. Headquartered in India, it has 22 global design centres, 30 global sales offices, and 108 innovation labs.

(The above story first appeared on LatestLY on Jul 18, 2024 05:38 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).