L&T Tech Q3 net profit up 16% at Rs126.3 crore
New Delhi: Tech firm L&T Technology Services (LTTS) on Tuesday reported 16.1% increase in its consolidated net profit to Rs126.3 crore for the December 2017 quarter.
The company had registered a profit of Rs108.7 crore in the year-ago period. Revenue was up 19.6% to Rs969.1 crore in the reported quarter from Rs810.4 crore 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% of the revenues. LTTS’ US dollar revenue was at $151 million for the said quarter, up 25.6% 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% business from North America, 17.2% from European market, 11.5% from India and 12.6% from rest of the world. Its total employee strength stood at 11,941, a net addition of 409 during the quarter.