CURRENT AFFAIRS
CURRENT AFFAIRS
Description
L&T Technology Services Ltd (LTTS) has announced the opening of an Airbus Simulation Centre of Excellence (CoE) on its Bengaluru site. This cutting-edge facility will provide enhanced engineering assistance for Airbus' aircraft structural simulation efforts throughout its European business divisions in France, Germany, the United Kingdom, and Spain.
Advanced Capabilities
The simulation CoE is outfitted with the most recent simulation software, cutting-edge technology, and high-performance computational gear. Its major goal is to unify and standardize procedures across Airbus' European business groups and aircraft programs, resulting in increased efficiency and production.
Strategic Goals
The initiative, which began approximately 18 months ago, has grown and developed significantly. LTTS intends to significantly expand the centre over the next two years, demonstrating its commitment to encouraging innovation and quality in aeronautical engineering. This effort is expected to help Airbus meet program milestones more effectively.
Financial Performance
In the fourth quarter of FY24, LTTS reported a consolidated revenue from operations of Rupees 2,537.5 crore, a 7% rise from Rupees 2,370.6 crore in the same quarter the previous fiscal year. The revenue increased by nearly 5% from Rupees 2,421.8 crore in the December quarter. Revenue increased by more than 9% to Rupees 9,647.3 crore from Rupees 8,815.5 crore in FY23.
Net profit
The net profit for the March quarter was Rupees 341.4 crore, consistent with the previous fiscal year's equivalent period. However, it grew by over 1% from Rupees 336.8 crore in the December quarter. In FY24, net profit increased by more than 7% to Rupees 1,306.3 crore from Rupees 1,216.4 crore in FY23.
Market Performance
As of 12:19 pm on May 23, shares of L&T Technology Services were trading at Rupees 4,630 per on the BSE, up 0.91%.
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