L&T Tech Q3 net profit dips 17% to Rs 108.7 crore


NEW DELHI: L&T Technology Services today posted nearly 17 per cent drop in consolidated net profit to Rs 108.7 crore for the December quarter of the current fiscal.

The net profit stood at Rs 130.8 crore in the year-ago period.

For the October-December period of 2016-17, the company’s revenue from operations, at Rs 810.4 crore, was nearly 4 per cent higher than the same quarter of last fiscal, L&T Tech said in a BSE filing.

“We have a healthy pipeline of opportunities from our major customers in Industrial Products, Process and Transportation which also saw increased traction with existing Fortune 500 customers,” said Keshab Panda, Chief Executive Officer & Managing Director of L&T Technology Services.

In terms of geographic share, North America contributed the most at 62.5 per cent followed by Europe at 19.2 per cent and rest of the world contributing 10.2 per cent. Contribution from the domestic market stood at 8.1 per cent.

In terms of industries, transportation and industrial products accounted for over 60 per cent of revenue.

During the quarter, LTTS secured multi-million dollar contracts from its global customers across transportation, industrial products, process and telecom verticals, the statement added.