(F.E)
L&T Technology Services (LTTS), a subsidiary of Larsen & Toubro (L&T), posted an 8.14% rise in consolidated net profit at Rs 249.6 crore for the quarter ended December 31, beating analysts’ consensus estimate of Rs 247 crore.
In comparison, the engineering services company had posted a net profit of Rs 230.8 crore for the quarter ended September 30, it said in a statement.
During the reporting quarter, the company’s revenue from operations rose to Rs 1,687.5 crore from Rs 1,607.7 crore recorded in the sequential September quarter, it added.
The company’s EBIT margin stood at 18.63% during the December quarter, as against 18.44% in the second quarter of this financial year.
LTTS also declared an interim dividend of Rs 10 per share for shareholders with record date of January 27, 2022.
“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, 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,” LTTS CEO & MD Amit Chadha said.
During the quarter, the company won a $45 million deal and three deals with a total contract value of more than $10million. Revenues from digital and leading-edge technologies stood at 56% during the quarter.
The company onboarded 1,900 trainees during the quarter, taking its total headcount to 20,118 as of December 30.
“Despite the robust employee addition, we further improved our operating margin to 18.6%, reflecting gains from investments in talent and innovation,” Chadha added.
As of December 30, 2021, LTTS’s patents portfolio was at 816, out of which 578 were co-authored with its customers and the rest are filed by the company.
