LTTS Q2 results: Net profit up 1.3% at Rs 319.6 cr as margins narrow

Engineering services player L&T Technology Services (LTTS) on Wednesday reported a 1.3 per cent rise in the September quarter net profit at Rs 319.6 crore, as profit margins narrowed. The company, an arm of engineering, procurement and construction major Larsen & Toubro, had reported a net profit of Rs 315.4 crore in the year-ago period while the was Rs 313.6 crore in the preceding June quarter. Its revenues grew 7.8 per cent to Rs 2,572.9 crore in the reporting quarter, helped by an over 24 per cent growth in the European market on demand from the automobile sector and sustainability-focused solutions. LTTS Managing Director and Chief Executive Amit Chadha said it is aiming for revenues to grow between 8-10 per cent in FY25, and maintaining its guidance on hitting the USD 2 billion yearly revenue in medium-term mark. Higher spends on sales and technology led to a narrowing of the operating profit margin to 15.1 per cent during the reporting quarter, as against 17.1 per cent ..