L&T Technology declares dividend of ₹33, matches Q4 net profit forecast

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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L&T Technology Services Ltd (LTTS) on Thursday (April 25) reported a net profit of ₹341 crore for the fourth quarter that ended March 31, 2024. The company matched the CNBC-TV18 poll projection of ₹341 crore for the quarter under review.

The board of directors has recommended a final dividend of 1650% i.e. ₹33 per equity share of face value of ₹2 each, subject to approval of the shareholders of the company. The record date for the purpose of the final dividend shall be intimated later.

The company’s revenue from operations increased 4.8% to ₹2,537.5 crore as against ₹2,421.8 crore in the previous quarter. CNBC-TV18 poll had predicted revenue of ₹2,532 crore for the quarter under review.

At the operating level, earnings before interest and taxes (EBIT) rose 2.9% to ₹428.2 crore in the fourth quarter of this fiscal over ₹416.2 crore in the previous quarter. CNBC-TV18 poll had predicted an EBIT of ₹435 crore for the quarter under review.

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EBIT margin stood at 16.9% in the reporting quarter as compared to 17.2% in the previous quarter. CNBC-TV18 poll had predicted a margin of 17.2% for the quarter under review.

During the quarter, LTTS signed a $100-million, a $30-million and two deals worth $20 million and $10 million each. The company also signed one significant empanelment agreement.

“We delivered 17.9% revenue growth in FY24 and crossed the $1.2 billion run rate 12 months after we moved past the $1 billion mark. In Q4, we had a strong sequential growth of 5.1% which was led by telecom & hi-tech and plant engineering,” said Amit Chadha, CEO and managing director of L&T Technology Services.

In fiscal 2024 (FY24), L&T Technology Services reported revenue of ₹9,647.3 crore, marking a growth of 9.4% compared to the previous year. Factoring in pre-restatement figures, the growth stood significantly higher at 20.4%.

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In terms of dollar revenue, the company generated $1,164 million during the fiscal year, rising 6.9%. In constant currency terms, the growth was slightly higher at 7%. Prior to restatement, the growth in constant currency was higher at 17.9%.

L&T Technology Services also maintained a healthy EBIT (earnings before interest and taxes) of ₹1647.4 crore, with the EBIT margin standing at 17.1%. The company reported a net income of ₹1,647.4 crore for the fiscal year, reflecting a growth of 7.6%. The net margin was reported at 13.5%.

At the end of Q4 of FY24, the patents portfolio of L&T Technology Services stood at 1,296, out of which 833 are co-authored with its customers and the rest are filed by LTTS. Employee strength stood at 23,812 at the end of the fourth quarter.

The results came after the close of the market hours. Shares of L&T Technology Services Ltd ended at ₹5,180.95, down by ₹50.90, or 0.97%, on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow