L-;T Technology Services records double-digit growth across verticals in Q3FY22, PAT rises by 34% yoy to Rs249cr

19 Jan 2022 , 01:44 PM

L&T Technology Services (LTTS) has posted a net profit of Rs249cr for the quarter ending December 2021 (Q3FY22) rising by 34% yoy. Revenue recorded a growth of 20% yoy to Rs1,688cr. In dollar terms, revenue was at $225.1 million up by 18% yoy.

Amit Chadha, CEO & Managing Director, L&T Technology Services Limited said, “We sustained our performance trajectory with sequential growth of 4.2% in constant currency led by strong demand across segments. The deal conversations and pipeline in our six big bets – Electric Autonomous & Connected Vehicle (EACV), 5G, Med-tech, AI & Digital Products, Digital Manufacturing and Sustainability — continues to see healthy improvement as our customers make steady progress on their long-term transformative journeys.”

The MD and CEO further said, “We are expanding our EACV global presence with the addition of an engineering R&D center in Krakow, Poland that will strengthen our strategic partnership with European and Global clients.”

“In line with our long-term growth prospects and strategy, we invested in hiring and onboarding a record 1,900 plus trainees leveraging our Global Engineering Academy that is focused on continuous training and upskilling. Despite the robust employee addition, we further improved our operating margin to 18.6%, reflecting gains from investments in talent and innovation,” added Amit Chadha.

At the end of Q3FY22, the patents portfolio of L&T Technology Services stood at 816, out of which 578 are co-authored with its customers and the rest are filed by LTTS. At the end of Q3FY22, LTTS’ employee strength stood at 20,118.

At around 1.39 pm, LTTS stock was trading at Rs5110 per piece down by Rs311.45 or 5.74% on Sensex. The stock has even touched an intraday high and low of Rs5151.50 per piece and Rs4980.05 per piece respectively.