L&T Tech Q3 Results: Net profit drops 4% to ₹322 crore, revenue up 9% YoY; stock rallies 4% on large deal wins | Stock Market News
Source: Live Mint
L&T Tech Q3 Results: L&T Technology Services announced its October-December quarter results for fiscal 2024-25 (Q3FY25) on Wednesday, January 15, reporting a drop of four per cent to ₹322.4 crore in consolidated net profit, compared to ₹336.2 crore in the year ago period.
The Larsen & Toubro (L&T) tech subsidiary’s revenue from operations in the third quarter of current fiscal rose nine per cent to ₹2,653 crore, compared to 2,421.8 crore in the year ago period. Shares of L&T Tech rallied five per cent ahead of the announcement of Q3 results to settle 3.10 per cent higher to ₹4,852.75 apiece on the BSE.
L&T Tech also reported its highest ever large deal bookings. Eight large deals: one $50 million, two $35 million, two $25 million, and three $10 million deals.
“Our large deal TCV has seen a healthy increase with eight wins across segments. The large deal pipeline continues to be robust aided by ongoing engagements with customers on both new age product and platform development and business transformation,” said Amit Chadha, CEO and Managing Director, L&T Technology Services.
L&T Tech is targeting about 10 per cent of revenue growth in Constant Currency for the financial year 2025. “For FY25, our guidance is for near 10 per cent revenue growth in constant currency, including the contribution from Intelliswift. We reaffirm our medium-term outlook of $2 billion revenue with EBIT margin of 17-18 per cent,” added Chadha.
