L&T Technology Services Ltd.'s revenue and net profit met expectations in the third quarter, though income reported slower growth.
Revenue of the L&T Group company rose 1.5% over the previous three months to Rs 2,421.8 crore in the quarter ended December, according to an exchange filing on Tuesday. That compares with the Rs 2,451.03 crore consensus estimate of analysts tracked by Bloomberg.
LTTS Q3 Results: Key Highlights (Consolidated, QoQ)
Revenue up 1.5% at Rs 2,421.8 crore. (Bloomberg estimate: Rs 2,451 crore).
EBIT up 2.4% at Rs 416.2 crore. (Bloomberg estimate: Rs 421.2 crore).
EBIT margin at 17.18% vs 17.02% (Bloomberg estimate: 17.2%).
Net profit up 6.6% at Rs 336.8 crore. (Bloomberg estimate: Rs 331.2 crore).
Geographically, income from its key market of North America declined 0.4% sequentially, while Europe reported a 6.4% growth and India 0.4%.
At the end of Q3, the patents portfolio of the company stood at 1,249, out of which 811 are co-authored with its customers and the rest are filed by LTTS.
The board has approved the re-appointment of Amit Chadha as chief executive officer and managing director for three years with effect from April 1.
On Tuesday, shares of L&T Technology closed 1.79% lower at Rs 5,346.85 apiece on the BSE, as compared with a 0.27% decline in the benchmark Sensex.
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