LIC reports 3.51% growth in profit after tax for H1 FY 2024
The Board of Directors of Life Insurance Corporation of India (LIC) has approved and adopted the standalone and consolidated financial results for the six months ending 30 September.
Tata Technologies on Monday reported over 3 per cent decrease in net profit (quarter-on-quarter) at Rs 157.41 crore in Q2 FY25 from 162.03 crore in Q1 FY25, or over 1.5 per cent down from the year-ago period (Rs 160.38 crore).
The leading global engineering services company reported operating revenue at Rs 1,296 crore, up 2.1 per cent YoY and 2.2 per cent QoQ.
Services segment revenue stood at Rs 1,005 crore, an increase of 1 per cent YoY and 2 per cent QoQ.
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The company hired 175 people in the second quarter and now has a workforce of 12,680 employees, it said in its Q2 financial report.
“Our Services business has returned to sequential growth this quarter with a 2 per cent increase in revenue. Our order book and pipeline remain healthy and combined with the continued positive momentum within our anchor accounts, we are confident that the second half of the fiscal year will show a stronger performance compared to the first half,” said Warren Harris, CEO and Managing Director.
Operating EBITDA in Q2 was Rs 235 crore, up 9.9 per cent YoY and 1.9 per cent QoQ.
Savitha Balachandran, Chief Financial Officer, said that the company remains focused on maintaining a balanced approach of upholding operating discipline while strategically investing in capabilities to capitalise on the emerging opportunities in the industries of our key customer segments.
“Our EBITDA margin for the quarter stood at 18.2 per cent, supported by improvements in utilization and increased offshoring. Additionally, our disciplined execution led to strong cash conversion in the first half of the year, with free cash flow to net income conversion exceeding 100 per cent. We are committed to delivering long-term value for all our stakeholders,” Balachandran added.
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