LTTS Q2FY23 PAT up 22.78% at Rs282.4cr as transportation and plant engineering verticals lead operating profit growth

19 Oct 2022 , 10:56 AM

L&T Technology Services reported 24.10% growth in total sales revenues for the September 2022 quarter on consolidated basis at Rs1,995cr. Sequential revenues were up 6.48%.

LTTS saw revenue growth across all key verticals viz. transportation, plant engineering, industrial products, medical devices and telecom products.

In constant currency terms, the revenues were 18% higher yoy and 4.5% higher sequentially.

The company won a $60 million plus TCV deal in the quarter and it was the first quarter to report annualized revenues of $1 billion. The company has declared an interim dividend of Rs15 per share.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 22.78% at Rs282.40 crore while the profits were up 2.99% sequentially.

LTTS reported EBIT of Rs363 crore in Q2FY23 with EBIT margins of 18.2%. Its EBITDA margins were stable at around the 21.7% levels.  North America accounted for 63.4% revenues followed by Europe at 15.9% and India at 12.8%.

Net margins came in at 14.15% for Q2FY23 as compared to 14.31% in the year ago quarter and 14.63% in the sequential June 2022 quarter. Voluntary attrition rate in the quarter surged to 24.1% in the quarter compared to 16.5% last year.

Financial highlights for Sep-22 compared yoy and sequentially

	LTTS
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 1,995.10	₹ 1,607.70	24.10%	₹ 1,873.70	6.48%
Net Profit (Rs cr)	₹ 282.40	₹ 230.00	22.78%	₹ 274.20	2.99%
Diluted EPS (Rs)	₹ 26.68	₹ 21.77		₹ 25.98
Net Margins	14.15%	14.31%		14.63%