L&T Technology Services, an IT-led product and process engineering company and part of $16 billion L&T Group, on Tuesday registered net profit of Rs 123 crore, registering a growth of 25.5% on a quarter-on-quarter (QoQ) basis.
According to the company, it is primarily due to 84% QoQ surge in other income. The growth in revenue is primarily due to jump in telecom business, which went up 32% on a quarter on quarter basis.
Commenting on the results, L&T Technology Services Ltd CEO & Managing Director Keshab Panda said the strong performance during the second quarter is led by large deal wins and continued traction in top 30 customers.
"Our revenues rose over 9% sequentially, demonstrating that our strategic focus on top customers and well diversified service portfolio are yielding dividends. The quality of deal pipeline is encouraging as we see demand from global customers in our core engineering offerings," he said.
EBITDA for the quarter rose by 9.3% QoQ to Rs 137 crores while stable EBITDA margin of 15.2%. The company also announced an interim dividend of Rs 4 per share.
During the second quarter the company added 11 customer logos and won over half a dozen multi-million dollar deals from its global customers across transportation, telecom and hi-tech and process industries.