Results for L&T Tech's second quarter showed a 1.3% increase in net profit and $2,387 billion in sales

 Results for L&T Tech's second quarter showed a 1.3% increase in net profit and $2,387 billion in sales

According to a regulatory filing submitted on October 17, L&T Technology Services, the tech division of Larsen & Toubro, reported a consolidated net profit of 316 crore and an overall earnings of 2,378 crore for the second quarter of the fiscal year 2023–24.

Sequentially, the net profit increased slightly by 1.3 percent to reach 312 crore in the first quarter of the current fiscal year. Revenue increased by 3.7 percent from quarter to quarter, reaching 2,301 crore from April to June.

Earnings before interest, depreciation, taxes, and amortization (EBIDTA) increased by 3.4 percent from the second quarter of fiscal year 2023 to come in at 414 crore in the second quarter of fiscal year 24. The margin was steady at 17.4% percent sequentially.

In addition, L&T Tech said that its board has set October 27 as the record date for the dividend distribution and declared an interim dividend of 17 rupees per equity share.

L&T Tech's stock closed at 4,623 per share on the BSE, down 1.41 percent from the previous day's closing, prior to the announcement of Q2FY24 results.