Midcap IT company L&T Technology Services on Wednesday announced an interim dividend of Rs 17 per share and has set the record date on October 25, 2024.
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The announcement was made along with company’s Q2FY25 earnings. L&T Technology reported marginal rise of 2% in its consolidated net profit at Rs 320 crore for the second quarter ended September 2024. The same stood at Rs 315 crore a year ago. Revenue from operations in the reporting period increased 8% year-on-year to Rs 2,573 crore, compared with Rs 2,386 crore in the same period of last year.
“With our pipeline comprising larger sized deals involving consolidation as well as advanced technology led transformation, we are confident about the vision we set for ourselves and our medium-term outlook of $2 billion revenue with EBIT margin of 17-18%,” said Amit Chadha, CEO & MD, L&T Tech.
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On a sequential basis, the company’s revenue rose 4% quarter-on-quarter, while in dollar terms, the same increased 6% year-on-year to $307 million. EBIT margin for the quarter ended September 2024 stood at 15.1%, down 50 basis points quarter-on-quarter.
During the quarter, LTTS won two $20 million and four $10 million TCV deals. Additionally, the company won two significant empanelment agreements in sustainability.
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At the end of Q2FY25, the patents portfolio of L&T Tech stood at 1,394, of which 877 are co-authored with its customers and 517 are filed by the company.
The company said it is seeing an uptick in AI-led deal conversations, and its portfolio of AI solutions and accelerators is helping win deals in focus areas across segments. It has filed a total of 165 patents in AI to date.
On Wednesday, L&T Tech shares closed 0.12% higher at Rs 5,325 on the NSE.
