L&T's stock rose over a per cent on the back of an impressive nearly 14 per cent YoY growth in Q3FY24 net profit
Shares of the IT giant, L&T witnessed a surge of more than a per cent on Wednesday after the company reported of a nearly 14 per cent YoY growth in net profit, amounting to Rs 336 crore, for the third quarter ending December. The company also saw a 12 per cent rise in revenue, reaching Rs 2,422 crore.
The company's revenue, on dollar basis, amounted to $290.7 million, indicating a 1 per cent increase quarter-on-quarter and an 11 per cent rise YoY. In the December quarter, the earnings before interest and taxes (EBIT) margin was recorded at 17.2 per cent.
At 10:50 am, the shares of the IT giant were trading at Rs 3,588 price level, up by almost a per cent on the National Stock Exchange.
The workforce size in the December 2023 quarter stood at 23,298 employees. "We have made notable progress in each of our new-technology focus areas – AI, software defined vehicles (SDV) and cybersecurity. In AI, we filed 53 patents across segments like Transportation, Medical and Industrial Products. We had our first major win in SDV with a US OEM to define the architecture of their next generation automobiles. And continuing our SWC leveraged global deal wins, we won a $10M plus deal in cybersecurity. These wins are a testimony to our differentiated offerings that enable us to become strategic partners to our customers," said Amit Chadha, CEO & Managing Director, L&T Tech.
On an annual basis, the shares of the IT giant have soared to more than 62 per cent or 1,374 points on the National Stock Exchange.