L&T Technology Services today reported a 65 per cent surge in its March quarter net at Rs 151.9 crore on a surge in core revenues.
The company, an arm of the engineering giant L&T, had reported a post-tax profit of Rs 96.5 crore in the year-ago period.
Revenue from operations jumped to Rs 1,054.8 crore from the year-ago period's Rs 812.3 crore and Rs 969.1 crore in the preceding December quarter.
For the fiscal year 2017-18, it reported a 15 per cent jump in revenues to Rs 3,747 crore or USD 580 million, and a 19 per cent surge in net profit at Rs 506 crore.
The company is targeting for a 16 per cent growth in the topline for fiscal 2018-19, and is looking at upping its revenues to USD 1 billion by FY21, chief executive and managing director Keshab Panda told PTI.
"With a compound annual growth of 16 per cent and a contribution of USD 120 million from inorganic growth, we will reach USD 1 billion by FY21," he said.
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The company has earmarked four specific areas where it is planning to make acquisitions, he said, restricting to say that these will be customer and technology-specific deals.
It is in "advanced stages" of acquiring two companies, he said, adding that the ticket sizes will be under USD 50 million each.
From a margin perspective, its pre-tax margin widened to 16.1 per cent from the 15.3 per cent during the preceding quarter, and Panda said there is scope for improving further on the same.
He said bagging a large deal impacts margins initially but eventually delivers the margins and added that at present it is well placed to widen them.
Panda also said the company has signed two clients who deliver revenues of over USD 40 million each per year and has added additional clients in all the high-earning brackets.
It added 366 employees to take the total headcount to 12,307 at the end of the quarter.
The company scrip shed 1.76 per cent to close at Rs 1,272.90 a piece on the BSE, as against a 0.10 per cent rise in the benchmark.