Spectacular results: Net profit of this multibagger stock jumps 5% YoY; company declares dividend

Tuesday’s deals ended on a positive note as both the Sensex and Nifty wrapped up the day with modest gains of 0.39% and 0.4%, respectively.

Established in 2012, L&T Technology Services (LTTS) is an engineering services provider specializing in engineering, research and development (ER&D), and digitalization solutions. LTTS offers its expertise to a diverse range of industries, including Transportation, Industrial Products, Telecom and Hi-Tech, Medical Devices, and Plant.

The company reports its Q2FY24 results. Details as below:

– Revenue stood at Rs 2,386.5 crore, reflecting a 5% YoY growth and a 4% QoQ increase.

– USD Revenue amounted to USD 288.1 million, marking a 2% YoY growth and a 3.2% QoQ surge in constant currency.

– EBIT margin was recorded at 17.1%.

– Net profit reached Rs 315.4 crore, exhibiting a 5% YoY growth.

– An interim dividend of RS 17 per share has been declared with a record date of October 27, 2023.

During the quarter, LTTS won a total of seven USD 10 million plus TCV deals across all industry segments including six deals of USD 15 million each.

L&T Technology Services (LTTS) has received notable recognitions and accolades, underscoring its leadership and excellence in various domains. In the Manufacturing Industry Services and Solutions segment, LTTS was recognized as a leader by ISG in 2023, specifically in the areas of Digital Factory/Manufacturing Solutions in North America and Agile Product Development and Design Services.

Furthermore, LTTS achieved leadership status in the ACES Automotive Engineering Services PEAK Matrix® Assessment 2023 for its contributions to the Electric vehicle segment. The company’s dedication to health and safety was recognized when three of its smart city projects were honoured with the prestigious RoSPA Gold Health & Safety Awards from The Royal Society for the Prevention of Accidents in the UK in 2023.

Additionally, the company has proven to be a true multibagger stock, delivering remarkable returns of over 100%.

Coined by Peter Lynch, the term “multibagger stock” symbolizes exceptional growth and substantial returns, akin to a baseball player advancing to multiple bases. It represents an impressive achievement in the world of investing.

LTTS perfectly aligns with this definition, witnessing substantial buying activity and experiencing a surge of over 132% in the last 3 years.

On October 17, 2023, the shares of L&T Technology Services Limited plunged 1.57%. The current market cap of the company is Rs 48,789.76 crore.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions