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L&T Technology Services Q3 net profit up 10 pcs at 204 kroner



New Delhi, January 17 () The IT company L&T Technology Services on Friday saw a 10 percent increase in consolidated net profit of Rs 204 crore during the quarter ended December 31, 2019, mainly due to business growth in North America.

The company had a net profit of Rs 185.6 crore in the same period one year ago.

"We had strong performance in three segments – transportation, construction and medical equipment, each growing more than 20 percent on an annual basis. Digital and leading technologies – the growth driver for ER&D (Engineering and R&D), contributed to 41 percent of revenue in third quarter and grew by 29 percent YoY, "said L&T Technology Services Limited (LTTS) CEO and CEO Keshab Panda in a statement.

The company's revenue increased 8.1

percent to Rs 1,423 crore in the quarter from Rs 1,316.9 crore in October-December 2018-19.

"We are seeing a new set of opportunities as customers seek disruptive technologies such as AI, sensor fusion and industrial robotics to strengthen their competitiveness in the market," Panda said.

The company opened its 9th design center outside India, the Aerospace and Defense Engineering Design Center in Rockford, Illinois (USA), which will accommodate the development of high performance engineering solutions for the global aerospace and defense industry.

Revenue for the company from the telecom and high-tech segment fell 26.7 percent year-on-year.

LTTSâ & # x20AC; & # x2122; s revenue in the North American market grew by 13.7 percent, while it recorded declines in all other major markets.

The company's revenues in Europe and India fell by 6.3 per cent and 1.8 per cent respectively.

On-site projects contributed 44 percent to the company's total revenue, and the remainder was from offshore projects.

Shares in LTTS closed at Rs 1,634.8 crore on BSE on Friday, 1.15 percent lower than the previous close. PRS

RVK


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