LTTS Q4 net profit rises 18% at Rs 309.6 cr, to hire 2,000 people in FY24

L&T Technology Services (LTTS) on Wednesday reported an 18 per cent growth in its March quarter net profit at Rs 309.6 crore.

The engineering services company's post tax net profit in FY23 rose 22 per cent to Rs 1,169.8 crore.

For the reporting quarter, the company's revenues grew 19 per cent to Rs 2,096.2 crore while the operating profit margin was stable at 18.7 per cent.

The company's managing director and chief executive Amit Chadha told PTI that it will be targeting a revenue growth of more than 20 per cent in FY24.

The operating profit margin may come down to 17 per cent primarily because of amortisation pressures from acquisitions and low margin intensity of the newly acquired Smart World and Communication business of the parent L&T.

The operating profit margin will go into the 18 per cent range by the first half of FY26, he said, adding that the company has made rapid strides on the profitability front during the Covid period and will get the number up again.

The ...