L&T Tech Services Achieves Rs 1,304 Crore Net Profit in FY24

By siliconindia  |  Friday, 26 April 2024, 10:17:51 AM IST

L&T Tech Services Achieves Rs 1,304 Crore Net Profit in FY24
L&T Technology Services Ltd achieved significant financial growth in FY24, reporting a net profit of Rs 1,304 crore, marking an 8% increase, while revenue reached Rs 9,647 crore, reflecting a 9% rise. The company announced a restructuring plan, consolidating its existing five segments into three core areas: mobility, sustainability, and hi-tech.
For the quarter ending March 31, the company recorded revenue of Rs 2,537 crore, indicating a 7% growth, with a net profit of Rs 340 crore. Amit Chadha, the CEO and Managing Director, expressed satisfaction with a robust 5.1% sequential growth in Q4, surpassing the $1 billion mark in revenue and crossing the $1.2 billion run-rate.
L&T Technology Services secured a groundbreaking $100 million cybersecurity deal, focusing on building and managing an advanced cyber intelligence center utilizing AI and digital forensic solutions. The company showcased its commitment to innovation, boasting 54 patents in AI and a total of 1,296 patents overall.
Moving forward, the company is adopting a strategic approach termed 'go deeper to scale,' aimed at streamlining operations into the three identified segments: mobility, sustainability, and hi-tech. This strategy reflects their intent to delve deeper into these domains to drive scalable growth.
Larsen & Toubro Limited (L&T), the parent company, is a renowned Indian multinational conglomerate, renowned for its diverse interests spanning industrial technology, heavy industry, engineering, construction, manufacturing, power, information technology, military, and financial services. Established in 1938 in Bombay by Danish engineers Henning Holck-Larsen and Søren Kristian Toubro, L&T has since evolved into a powerhouse headquartered in Mumbai, Maharashtra.
In essence, L&T Technology Services' strong financial performance, coupled with strategic restructuring and a focus on innovation, underscores its commitment to sustained growth and excellence in the engineering services sector within the broader framework of Larsen & Toubro's multifaceted conglomerate.
Source: IANS

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