LTTS Q3 Net Profit Up 13% to Rs 336 Cr

Mumbai, Jan 16 (PTI) L&T's engineering services arm LTTS on Tuesday reported a 13.3 per cent growth in December quarter net profit at Rs 336.2 crore.

L&T Technology Services (LTTS) had reported a post tax profit of Rs 296.8 crore in the year-ago period and Rs 315.4 crore in the preceding September quarter.

Its overall revenue grew to Rs 2,421.8 crore for the reporting quarter, as against Rs 2,157 crore in the year-ago period and Rs 2,386.5 crore in the quarter-ago period.

The operating profit grew 11.9 per cent to Rs 487.7 crore from the year-ago period's Rs 435.6 crore.

Its chief executive and managing director Amit Chadha said the company was able to expand the operating profit margin to 17.2 per cent for October-December period, as against the 17.1 per cent in the preceding three months.

He also reaffirmed the target to grow the revenue between 17.5-18.5 per cent on a constant currency basis in FY24, and added that all the five business verticals showed growth in the quarter.

The client conversations at the beginning of the year have been "fairly positive", Chadha said, adding that it expects spends to be maintained or to go up in the new year.

The overall number of employees degrew to 23,298 people from 23,880 at the end of September. Chadha said the attrition has improved to 15.8 per cent from the 16.7 per cent in the quarter-ago period, and added that the company expects a further improvement on the number.

The company scrip closed at Rs 5,349.70 a piece on the BSE on Tuesday, down 1.73 per cent over the previous close, as against a 0.27 per cent correction on the benchmark.