L&T Technology Services posts 13% rise in Q1 net profit at ₹311 crore

July 18, 2023 09:26 pm | Updated 09:26 pm IST - BENGALURU

TH08_BU_Amit Chadha

TH08_BU_Amit Chadha | Photo Credit: Ebenezer Stephen Duraiappah B 10801@Chennai

L&T Technology Services (LTTS) posted a first quarter net profit of ₹311 crore, a 13% increase over the ₹275 crore it reported as profit in the corresponding period a year ago. The company’s Q1 revenue grew at 15% YoY at ₹2,301 crore, it said on Tuesday.

However, sequentially, the company’s net profit and revenue in Q1 declined by 8.5% and 2.9%, respectively.

“We had a quarter of strong deal wins across all five segments, the highlight being a $50 million plus deal in telecom and hi-tech. Our customers continue to spend on transformational technologies and seek Engineering, Research, and Development (ER&D) partners who can deliver innovation, speed-to-market, and cost synergies,” said Amit Chadha, CEO & Managing Director, LTTS.

LTTS’s investments in emerging technology areas like AI, Software Defined Vehicle (SDV) and cybersecurity would continue to help it engage with customers on ways to prioritise strategic spends and increase market agility, he further said.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.