LTTS Q1 revenue rises 9%, profit up 24 percent

L&T Technology Q4 | Profit rose to Rs 204.8 cr vs Rs 191.5 cr, revenue rose to Rs 1,446.6 cr versus Rs 1,343.1 cr YoY. (Image: Reuters)

L&T Technology Services (LTTS) on July 23 reported sequential revenue rise in the first quarter by 9 percent at Rs 1152.2 crore, helped by strong growth across its industry verticals.

Net profit in the June-ended quarter was Rs 197.50 crore, a sequential growth of 24 percent, and more than double on annual basis.

During the first quarter, LTTS won five multi-million dollar deals across process industry, telecom and hi-tech, industrial products and transportation businesses.

EBIT margin was 17.1 percent, a rise from 15.1 percent in the March-ended quarter.

"The demand environment remains healthy and we are seeing clients prioritizing spending on digital engineering to gain the competitive edge and achieve faster time to market," said Keshab Panda, CEO & Managing Director, L&T Technology Services Limited in a statement.

He added that the company was working on transforming healthcare using automated image processing algorithms to accelerate patient diagnosis.

Attrition in the first quarter rose to 15.4 percent from 13.5 percent in the previous quarter.