L&T Technology Services said that its consolidated net profit increased 1.4% to Rs 340.9 crore in Q4 FY24 as compared with Rs 336.2 crore in Q3 FY24.
Revenue from operations jumped 7.04% to Rs 2,537.5 crore in the quarter ended 31 March 2024 as compared with Rs 2,370.6 crore in the quarter ended 31 December 2023.As compared with Q4 FY23, the companys net profit declined 5.41% and revenue fell 6.58% in the quarter.
Profit before tax stood at Rs 471 crore, up 1.18% QoQ and 1.86% YoY in Q4 FY24
EBITDA increased by 3.1% QoQ and 4.7% YoY to Rs 502.8 crore in Q4 FY24. EBITDA margin stood improved to 19.8% as in Q4 FY24 as against 20.1% in Q3 FY24 and 20.3% in Q4 FY23. EBIT margin was at 16.9% in Q4 FY24 as against 17.2% in Q3 FY24 and 17.9% Q4 FY23.
In dollar terms, the company's revenue stood at $305.1 million in Q4 FY24, registering a growth of 5% QoQ and 5.8% YoY. In constant currency, the firm reported a rise of 5.1% QoQ and 6.3% increase on YoY basis.
During the quarter, LTTS signed one $100 million, one $30 million and two deals each of $20 million and $10 million. Additionally, the IT firm has signed one significant empanelment agreement.
At the end of Q4FY24, the patents portfolio of L&T Technology Services stood at 1,296, out of which 833 are co-authored with its customers and the rest are filed by LTTS and employee strength stood at 23,812.
On full year basis, the companys net profit jumped 7.56% to Rs 1303.7 crore in FY24 as compared with Rs 1212.1 crore in FY23. Revenue from operations increased 9.44% YoY to Rs 9647.3 crore in FY24.
Meanwhile, the companys board has declared a dividend of Rs 33 per equity share for FY24.
Amit Chadha, CEO & managing director, L&T Technology Services, said, With a strong 5.1% sequential growth in Q4, our revenue run-rate has now crossed the $1.2Bn run-rate, a year after we moved past the $1Bn mark. We won a landmark $100 million deal in cybersecurity where we will architect and operate a sophisticated cyber intelligence centre by leveraging AI and Digital Forensic solutions.
We are proud of the milestones achieved in FY24 which include the successful integration of SWC into LTTS, securing several significant wins in cybersecurity and next-generation communications supported by a comprehensive portfolio, filing 54 patents in AI along with a total of 1,296 patents to date, and developing a robust pipeline of opportunities in the Software-Defined Vehicle (SDV) domain.
We are now embarking on the next stage of growth with a Go Deeper to Scale strategy under which we will streamline our organization into 3 segments Mobility, Sustainability and HiTech. This cohesive structure will enhance our agility and domain specialization to unlock higher value for customers and employees.
LTTS is a listed subsidiary of Larsen & Toubro focused on Engineering and R&D (ER&D) services. It offers consultancy, design, development and testing services across the product and process development life cycle.
The scrip dropped 8.29% to Rs 4,751.45 on BSE.
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