L&T Technology Services on July 18 posted a net profit of Rs 313.6 crore, marginally higher by 0.8 percent over Rs 311.1 crore reported in the year-ago period, the company said in an exchange filing.
However, June quarter reading saw a decline of close to nine percent over Rs 340.9 crore posted in the March quarter, according to the filing.
“We are making good progress with our ‘Go Deeper to Scale’ strategy and the simplification of our organization structure into three main segments. In AI, we are accelerating our investments and innovation focus leading to a total of 61 patents being filed so far. We are starting to win AI-led deals on the back of our solutions in in Gen AI across asset health, software development and digital assistants,” said Amit Chadha, CEO & managing director, L&T Technology Services Limited.
The company’s revenue from operations stood at Rs 2,461.9 crore in the reported quarter, a jump of seven percent compared to Rs 2,301.4 crore in the year-ago period, the statement said.
The revenue in the June quarter declined three percent from Rs 2,537.5 crore reported in the March quarter.
In the three-month period that ended on June 30, the IT services company won two deals worth $30 million, another two worth $15 million and three deals with TCV of $10 million, the company statement said.
“With phase one of our reorganization and related investments in technology and leadership complete, we are reassured of our performance for the rest of the year and reaffirm our aspirations to reach $1.5 billion in annualized revenues,” said Chadha.
On July 18, shares of the company ended 0.05 percent lower at Rs 4,865 on NSE.
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