L&T Tech Q3 results: Net profit jumps 13% YoY to Rs 336 crore, revenue up 12%

The earnings before interest and taxes (EBIT) during the quarter stood at Rs 416 crore

L&T Technology Services reported a consolidated net profit of Rs 336.2 crore in the quarter ending December 2023, which is largely in line with the CNBC TV-18 estimate of Rs 332 crore.

The net profit clocked by the company is 13 percent higher as compared to Rs 303 crore reported in the comparable year-ago period.

The consolidated revenue from operations in Q3FY24 came in at Rs 2,422 crore, which is 12 percent higher as against Rs 2,049 crore recorded in the corresponding quarter of the previous fiscal.

In dollar terms, the revenue stood at $290.7 million in the October-December 2023 period, marking a growth of 11 percent on-year.

Also Read: Wipro soars 10% as Q3 earnings beat expectations but analysts still in 'wait and watch' mode

L&T Tech's earnings before interest and taxes (EBIT) during the quarter stood at Rs 416 crore, whereas, the EBIT margin came in at 17.2 percent, as per the company's regulatory filing.

"We have made notable progress in each of our new-technology focus areas – AI, software defined vehicles (SDV) and cybersecurity. In AI, we filed 53 patents across segments like transportation, medical and industrial products," L&T Tech CEO and managing director Amit Chadha said, while commenting on the quarterly performance.

"We had our first major win in SDV with a US OEM to define the architecture of their next generation automobiles. And continuing our SWC leveraged global deal wins, we won a $10M plus deal in cybersecurity," he added.

The company's employee headcount as of December 31, 2023, stood at 23,298, which is higher as compared to 22,501 employees in the year-ago period. However, the workforce count has dropped compared to the previous quarter, as it stood at 23,880 as of September 30, 2023.

In the trading session on January 16, L&T Tech's shares traded in the red. The scrip settled at Rs 5,346.85 on the BSE, down 1.79 percent as against the previous day's close.