LTTS Q1 FY'21 profit dips 42% to Rs 117 cr

IT company LTTS on Thursday posted around 42 per cent dip in its consolidated net profit at Rs 117 crore in the first quarter that ended on June 30. We expect both revenue and operating margin to show sequential improvement over the remaining quarters of the current fiscal," Panda said. At the end of June, LTTS' employee strength stood at 16,641..

IT company LTTS on Thursday posted around 42 per cent dip in its consolidated net profit at Rs 117 crore in the first quarter that ended on June 30. The company had posted a profit of Rs 204 crore attributable to shareholders in the same period a year ago. 'With many industries operating at limited capacity on account of the pandemic, first quarter was a challenging quarter as expected. Still, we had a good performance in two of our segments - Telecom & Hitech and Medical, and our large deal engine continues to churn wins of 2019-20," LTTS CEO and MD Keshab Panda said in a statement.

LTTS recorded around 7 per cent decline in its total income at Rs 1,308.4 crore during the reported quarter compared to Rs 1,404 crore it posted in the corresponding quarter. "Free cash flow generation was strong during the quarter and the healthy cash position sets us up well for the future. Looking ahead, we see a path for recovery backed by good order bookings and a healthy pipeline. We expect both revenue and operating margin to show sequential improvement over the remaining quarters of the current fiscal," Panda said.

At the end of June, LTTS' employee strength stood at 16,641..