L&T Technology Services logs strong broad-based growth in Q2FY22; PAT up nearly 39% yoy

During the quarter, LTTS won 5 deals with TCV of USD10 million plus, which includes 2 USD25 million plus deals.

October 20, 2021 10:27 IST | India Infoline News Service
L&T Technology Services Limited (LTTS), India’s leading pure-play engineering services company, announced its results for the second quarter ended September 30, 2021. The consolidated Profit after tax (PAT) for the Sep-21 quarter was up 38.97% at Rs230cr. The growth in profits was driven by EBIT margins growing by 470 bps overall at 18.4%. During the quarter, LTTS won a total of 5 deals with total contract value or TCS in excess of $10 million.

Highlights for Q2FY22 include:
  • Revenue at Rs16,077 million; growth of 22% YoY
  • USD Revenue at $217.4 million; growth of 22% YoY
  • EBIT margin at 18.4%; up 470 bps YoY
  • Net profit at Rs2,300 million; growth of 39% YoY
  • Special dividend of Rs10 per share to mark the 5-year anniversary of LTTS' IPO; Record date October 27, 2021
During the quarter, LTTS won 5 deals with TCV of USD10 million plus, which includes 2 USD25 million plus deals.

L&T Technology Services Ltd is currently trading at Rs4,922.25 down by Rs201.15 or 3.93% from its previous closing of Rs5,123.40 on the BSE.
“We had a strong quarter with 6% sequential growth in constant currency driven by healthy traction in digital engineering across all our five segments. The rising digital adoption across our customer base has led to our revenue from digital & leading-edge technologies increasing to 55% in Q2.

Medical, our youngest segment, crossed $100mn in annualized revenue and is a testament to our differentiated domain expertise and strategic relationships. We are seeing a healthy deal pipeline and good traction in our six big bets - Electric Autonomous & Connected Vehicle (EACV), 5G, Med-tech, AI & Digital Products, Digital Manufacturing and Sustainability.

Our broad-based growth was accompanied by a rise in Operating margin which at 18.4% is the highest we have reported. We will continue the journey of investing in innovation labs and capability building, that has yielded us gains in market share and operating model efficiency”, said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.

Industry Recognitions:
  • LTTS has been recognized as a ‘Leader’ in Everest Group’s Autonomous, Connected, Electric & Shared Mobility Automotive Engineering study
  • NelsonHall positioned LTTS in the ‘Leaders’ Category in Digital Manufacturing Services in its NEAT Leader 2021 study
  • ISG Group rated LTTS as ‘Leader’ in IoT Consulting & Services and IT/OT Tech Data Convergence
  • LTTS’ Finance Team was honored for excellence in Consistent Liquidity Management by BW Businessworld CFO Finance Strategy Awards 2021
  • Stevie’s International Business Award adjudged LTTS’ SafeX DevOps framework as the winner in the Achievement in Product Innovation category
  • LTTS won the prestigious Association for Talent Development (ATD) Best Award 2021 and was ranked No. 1 for Talent Development practices           

At the end of the second quarter, the patents portfolio of L&T Technology Services stood at 769, out of which 556 are co-authored with its customers and the rest are filed by LTTS.

Human Resources

At the end of Q2FY22, LTTS’ employee strength stood at 17,983.

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