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.
