L&T Technology Services Q4 Results: Net profit grows 35% YoY to Rs 262 crore
- L&T Technology Services reported a 34.7% rise in net profit at Rs 262 crore
- Revenue for the quarter rose 21.9% YoY to Rs 1,756.1 crore
- EBIT margins for the quarter remained stable at 18.6% QoQ
Engineering services company L&T Technology Services (LTTS), on April 21, reported a 34.7% year-on-year rise in net profit at Rs 262 crore for the quarter ending March 31, 2022. The wholly-owned subsidiary of the conglomerate Larsen & Toubro had reported a net profit of Rs 194.5 crore in the year-ago period.
Revenue from operations for the quarter rose 21.9% YoY to Rs 1,756.1 crore from Rs 1,446.6 crore in the year-ago quarter.
EBIT (earnings before interest and tax) margins for the quarter remained stable at 18.6% QoQ, while on a YoY basis, there was an improvement of 200 bps from 16.6% EBIT margins achieved during the same period last year.
The company improved its net margins for the quarter by 140 bps YoY to 14.9% and by 20 bps QoQ.
The employee attrition for the quarter jumped to 20.4% compared to 17.5% during the previous quarter and 12.2% during the same quarter a year ago.
The company board has recommended a final dividend of Rs 15 per equity share of the face value of Rs 2 each, subject to the approval of the shareholders of the company, which if approved, shall be paid or dispatched within thirty days from the conclusion of the Annual General Meeting of the company. The date of book closure for the final dividend shall be intimated later, L&T Tech said in the regulatory filing.
"We achieved several milestones in FY22 – a dollar revenue growth of 20% in constant currency, record-high operating margins, and a more than three-fold increase in patents filed by our engineers. Our growth was broad-based with all five segments growing in double digits and showing an improvement in operating margins," said Amit Chadha, Amit Chadha, CEO & managing director of L&T Technology Services Ltd.
At the end of the March quarter, the patents portfolio of the company stood at 868, out of which 605 are co-authored with its customers and the rest are filed by L&T Tech.
The employee strength of L&T Technology Services stood at 20,861.
LTTS said that it won a $100 million-plus deal, a $25 million-plus deal and four other deals with a Total Contract Value (TCV) of $10 million-plus. Revenues from digital and leading-edge technologies stood at 57% during the quarter.
Chadha said, "We are making very good progress across our six bets; in Q4, we won a $100mn plus deal in the EACV space - being chosen as the strategic engineering partner for a new age electric VTOL (Vertical Takeoff and Landing) aircraft program. With this deal, we have been able to extend our EACV success at Auto and Trucks & Off-Highway segments, to Aerospace, reflecting our multi-domain engineering expertise."
Shares of L&T Technology Services closed at Rs 4,249.90, up by Rs 65.20, or 1.56% on the BSE.