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L&T Technology Services net up 8% in Q2
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SME Times News Bureau | 19 Oct, 2019
L&T Technology Services on Friday reported Rs 206 crore net profit
for the second quarter of fiscal 2019-20, registering 8 per cent annual
growth over the same period a year ago.
In a regulatory filing on
the BSE, the city-based IT arm of the engineering major Larson &
Toubro (L&T) said revenue for the quarter under review (Q2) grew 11
per cent yearly to Rs 1,402 crore.
In dollar terms, gross income grew 12 per cent yearly to $198 million.
"The
double-digit topline growth in the second quarter reflects our strength
across industries and the focused investments into capability
building," said the company in a statement here.
The company won 8
multi-million-dollar deals across verticals, including new digital
engineering programmes for automotive, medical devices and plant
engineering customers. Transportation, engineering and medical devices
grew 20 per cent annually.
"We see growth opportunities ahead.
Our conversations with customers indicate that spends in areas such as
cognitive engineering, cyber security and engineering analytics are
pervasive and leading to development of next generation smart products,
services and operations," said Chief Executive Keshab Panda.
Service
offerings in digital and cutting-edge technologies which accounts for
39 per cent of the revenue, is positioned to capture such opportunities.
The company hired 876 techies in the quarter, taking the headcount to 16,789.
The
company's blue-chip scrip gained Rs 51.15 per share of Rs 2 face value
to close at Rs 1,644.40 at the end of Friday's trading on the BSE as
against Thursday's closing rate of Rs 1,593.25 and opening price of Rs
1,595.
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| Currency |
Import |
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US Dollar
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