L&T Tech Q3 net profit up 16% at Rs 1.26 bn; revenue jumps 20% to Rs 9.7 bn

Tech firm L&T Technology Services (LTTS) on Tuesday reported 16.1 per cent increase in its consolidated net profit to Rs 1.263 billion for the December 2017 quarter.

The company had registered a profit of Rs 1.087 billion in the year-ago period.

Revenue was up 19.6 per cent to Rs 9.691 billion in the reported quarter from Rs 8.104 billion in the same quarter last fiscal.

"Our growth was broad-based with all verticals showing growth, including Process Industry which has rebounded. We are engaging with clients in areas like artificial intelligence for manufacturing, IIoT, next-generation platform development and autonomous driving," L&T Technology Services CEO and MD Keshab Panda said.

He added that the company's digital engineering portfolio has been increasing at a steady pace and now comprises 20 per cent of the revenues.

LTTS' US dollar revenue was at $ 151 million for the said quarter, up 25.6 per cent year-on-year.

At the end of the third quarter, the patents portfolio of LTTS stood at 300 patents, out of which 228 are co-authored with its customers and 72 are filed by the company.

LTTS reported 58.7 per cent business from North America, 17.2 per cent from the European market, 11.5 per cent from India and 12.6 per cent from Rest of the World.

Its total employee strength stood at 11,941, a net addition of 409 during the quarter.

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