L&T Technology Services Reported Rs 206 Cr Profit

L&T Technology Services reported Rs 206 crore net profit for the second quarter of fiscal 2019-20, registering 8 per cent annual growth over the same period a year ago.

In a regulatory filing on the BSE, the city-based IT arm of the engineering major Larson & Toubro (L&T) said revenue for the quarter under review (Q2) grew 11 per cent yearly to Rs 1,402 crore.

In dollar terms, gross income grew 12 per cent yearly to $198 million.

"The double-digit topline growth in the second quarter reflects our strength across industries and the focused investments into capability building," said the company in a statement here.

The company won 8 multi-million-dollar deals across verticals, including new digital engineering programmes for automotive, medical devices and plant engineering customers. Transportation, engineering and medical devices grew 20 per cent annually.

"We see growth opportunities ahead. Our conversations with customers indicate that spends in areas such as cognitive engineering, cyber security and engineering analytics are pervasive and leading to development of next generation smart products, services and operations," said Chief Executive Keshab Panda.

Service offerings in digital and cutting-edge technologies which accounts for 39 per cent of the revenue, is positioned to capture such opportunities.

The company hired 876 techies in the quarter, taking the headcount to 16,789.

The company's blue-chip scrip gained Rs 51.15 per share of Rs 2 face value to close at Rs 1,644.40 at the end of Friday's trading on the BSE as against Thursday's closing rate of Rs 1,593.25 and opening price of Rs 1,595.