City
Epaper

L&T Technology Services net up 8% in Q2

By IANS | Updated: October 18, 2019 22:40 IST

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.

Open in App

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.

( With inputs from IANS )

Tags: BSEIansLarson Toubro
Open in App

Related Stories

BusinessStock Market Holiday: NSE, BSE To Remain Closed On November 20th For Maharashtra Election 2024

BusinessStock Markets Closed Today: NSE and BSE to Remain Non-Operative for Diwali 2024

BusinessShare Market Update: Indian Stock Market Sees Sharp Decline Investors Lose 10 Lakh Crore

BusinessZerodha Down: Stock Broking Firm App Faces Technical Glitch Again; Company Says Users Facing Connectivity Issues at BSE

NationalTwo Questions From Middle Class Investor and House Buyer Leave FM Nirmala Sitharaman Speechless (Watch Video)

कारोबार Realted Stories

BusinessAdani Group's expertise crucial in operationalising Vizhinjam Port project: Former VISL MD

BusinessOver 3,100 international traders from 111 countries participated in Iran Expo 2025

BusinessIndia to host Global Media Dialogue tomorrow, over 60 countries to attend

BusinessPakistan's FBR tax shortfall swells to Rs 833 billion

BusinessRecord GST collection showcases resilience of Indian economy: FM Sitharaman