L&T Technology Q2 net profit up by 19.7% at Rs 111.9 crore

NEW DELHI: Engineering and research firm L&T Technology Services posted 19.7 per cent increase in its consolidated net profit at Rs 111.9 crore during the second quarter ended September 30, 2016.

A year ag, the company registered a net profit of Rs 93.5 crore in the same period a year ago.

However, the total income of the company increased by 5 per cent to Rs 837.6 crore during the reported quarter from Rs 797.3 crore in the same period a year ago.

The company won several multi-million contracts during the quarter across the semiconductor, hi-tech, automotive and industrial products verticals. North America contributed the most towards revenues at 62.3 % followed by Europe at 19.5 %. Contribution from the domestic market stood at 7.4%. In terms of industries, Transportation led the growth accounting for almost 33% of the revenues, while the Industrial Products vertical contributed 25.5% to sales during the period. As of the quarter end, the company’s active client base is 216.

Dr. Keshab Panda, Chief Executive O​fficer & Managing Director, L&T Technology Services Ltd. said, “I am pleased to report a good growth quarter after listing on the Indian bourses, with revenues rising 3.2 percent sequentially. This is propelled by strong execution and enhanced operational efficiencies, resulting in improved profitability. The results are a testimony to the unique Smart products and service propositions offered by L&T Technology Services to its global clientele”.

“Our focus on innovation engine has led to a robust patent portfolio of 174 patents, while cross pollination of technologies has created renewable energy storage up to 1 MW through stackable inverters. We have also strengthened and extended our home grown IoT platform UBIQWeise and i-BEMS solution through which we have achieved higher connectivity and data analytics for IoT and Industrial IoT applications,” he said.

L&T Technology Services has been rated as an “Established and Expansive Leader” in the Internet of Things (IoT) services by engineering consultancy firm Zinnov. LTTS was also rated in the leadership category in Product Development Engineering and Sensor & Devices Engineering for IoT services by Zinnov.

The Company also strengthened its Industrial IoT ecosystem with a partnership with Microsoft Azure to help provide best in class solutions to its global customers, adding to existing alliances with technology leaders such as Intel, Dell, Redknee and the Indian Institute of Science, Bangalore.