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On sequential basis, L&T Technology Services saw flat consolidated sales at Rs 1347.50 crore for the quarter ended June 2019. OPM rose 180 basis points to 20.2% which took OP up 10% to Rs 272.70 crore.
Other income grew 68% to Rs 56.50 crore and interest cost soared from Rs 50 lakh to Rs 9.10 crore. As depreciation rose 57% to Rs 42.80 crore, PBT grew 9% to Rs 277.30 crore. Provision for tax grew 19% to Rs 73.20 crore, after which PAT went up 6% to Rs 204.10 crore.
Transportation continues to be major vertical followed by telecom and hitech, Industrial product, plant and engineering and medical segment.
Transportation accounted for 34.9% of sales and saw good qoq growth of 7.6% and yoy growth of 29.6%. This growth was on higher base of 7% qoq growth in Q4. Auto and aerospace segments did well. Large deals were won in autonomous, functional safety and telematics.
Telecom and Hitech had a tough quarter as sales fell by $ 7 million in Q1 qoq. This segment accounted for 22.3% of sales. Sales fell 13.8% qoq and fell 10.9% on yoy basis. This segment saw disruption in mobile supply chain from China. Semi conductor segment saw slackness due to problems between US and China.
y-o- y results
On y-o-y basis, sales were up 17% and OPM jumped 320 basis points. OP was up 39%. PBT grew 4% and PAT was up 3%.
FY 2019 results
In FY 2019, consolidated sales grew 36% to Rs 5078.30 crore. OPM rose 270 basis points to 18.0% which took OP up 59% to Rs 914.70 crore.
Other income grew 15% to Rs 222.80 crore and interest cost was down 21% to Rs 1.90 crore. As depreciation went up 17% to Rs 104.20 crore, PBT grew 52% to Rs 1031.40 crore. Provision for tax grew 54% to Rs 263.00 crore, after which PAT went up 52% to Rs 768.40 crore.
The stock trades at Rs 1606.
L&T Technology Services: Consolidated results
|1906 (3)||1903 (3)||Var. (%)||1806 (3)||Var. (%)||1903 (12)||1803 (12)||Var. (%)|
|* Paid up equity capital is Rs 20.8 crore, Face value Rs 2|
Figures in crore
Source: Capitaline Databases
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