L&T Technology Services Ltd. has announced an interim dividend of Rs 17 per equity share for fiscal 2025 on Wednesday. The company announced distribution of Rs 179.90 crore to shareholders in the second quarter of this fiscal.
The board has fixed Oct. 25 as the record date for the purpose of dividend payment, the company said in an exchange filing on Wednesday.
In comparison the company had issued a final dividend of Rs 33 apiece on Jun. 14, 2024. The company gave a dividend of Rs 17 on Oct. 23, 2023.
L&T Technology Services' standalone net profit rose 2% quarter-on-quarter to Rs 320 crore in the July–September quarter of the current financial year, meeting Bloomberg expectations of Rs 333 crore. In the previous quarter, the company posted a profit of Rs 314 crore.
The engineering, research and development services firm posted revenue of Rs 2,573 crore during the quarter under review. The revenue rose 4.5% from Rs 2,462 crore in the first quarter of this fiscal. The Bloomberg estimate for the company's revenue was Rs 2,570 crore.
The earnings before interest and taxes was Rs 388 crore against Bloomberg estimate of Rs 413 crore, whereas the Ebitda margin contracted to 15.1% from 15.6%. This compares to a Bloomberg estimate of 16.1%.
The board on Wednesday approved the appointment of Apurva Purohit as an independent director of the company for a period of five years, with effect from Dec. 11, 2024. This will be subject to approval from the shareholders.
The board also modified the term of appointment of Narayanan Kumar, independent director of the company, from existing three years and six months to five consecutive years until July 14, 2026.
L&T Tech shares rose as much as 1.25% during the day to Rs 5,385 apiece on the NSE. The stock closed 0.72% higher at Rs 5,356.90 per share. This compares with a 0.34% decline in the benchmark Nifty 50. It has risen 14.21% in the last 12 months and 2.81% year-to-date.
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